Corrective Action: The duties are separated as much as possible with limited staff and alternative controls are in place to provide reasonable assurance that the financial statementsare not misstated. At this time, it would be cost prohibitive to add personnel just for segregationof duties. The Vil...
Corrective Action: The duties are separated as much as possible with limited staff and alternative controls are in place to provide reasonable assurance that the financial statementsare not misstated. At this time, it would be cost prohibitive to add personnel just for segregationof duties. The Village recognizes that reasonable assurance takes into consideration that the costof internal control should not exceed the benefits. The manager or designated alternate is controlfor most of the finance functions such as review of accounts payable and bank statements. TheMayor or Mayor Pro Tem manually signs checks, so there is a second review before the checksare mailed. The Clerk mails the payable checks. The clerk the deposits and deposits with bankand the Finance Officer records. Purchase card transactions for public works is entered by senioradministrative assistant. The Council receives check register, cash balances and revenue andexpenditure review on a monthly basis. The Village continues to review possible segregationofduties, if personnel expertise allows.
Proposed Completion Date: The Village has implemented the segregation of duties asmuch as possible without hiring additional personnel that is cost prohibitive at the moment. Wehave implemented review procedures with management that we believe would prevent anymaterial misstatements of the financial statements. Since the manager is the designated controlfor finance functions, there is an alternate designated by the Manager.