During the fiscal year, the review and approval functions were carried out by the Director of Financial Services, albeit less formal, but consistently. Notably, this occurred prior to when the entries were posted to the general ledger and were posted by persons other than the approver, the Accounti...
During the fiscal year, the review and approval functions were carried out by the Director of Financial Services, albeit less formal, but consistently. Notably, this occurred prior to when the entries were posted to the general ledger and were posted by persons other than the approver, the Accounting Associate. Subsequent to the end of the fiscal year, the former Director resigned and the Assistant Director, Denise Lindemann, stepped forward to execute various functions of the office in a laudable way. We are fortunate for her interim leadership, as we seek to fill this vacancy, but recognize that during this time we prioritized differently. Upon filling the position, the informal process will be formalized to underscore consistency, maintain separation of duties, and provide formal evidence of approval, though these important functions were being carried out. In addition, we are considering how to automate journal entries within the Colleague system, as we have done so with the approval process for another area. Finally, it is worth noting that our process of Journalizing is one that was established and maintained for an appreciable period before, and inclusive this audit period, as well. However, we support and embrace the auditors’ recommendation as a way to improve our process.