Response – Due to the limited number of office employees, segregation of duties is very difficult. With respect to the internal control/segregation of duties finding in previous audits, ECICOG has instituted the following procedures: Invoices are created by individual staff members, reviewed and si...
Response – Due to the limited number of office employees, segregation of duties is very difficult. With respect to the internal control/segregation of duties finding in previous audits, ECICOG has instituted the following procedures: Invoices are created by individual staff members, reviewed and signed by the Executive Director and processed by our Office Manager.Timecards are submitted by individual employees, reviewed and signed by their supervisor, reviewed and signed by the Executive Director and processed by the Office Manager.The full ECICOG Board receives complete financial statements at each monthly board meeting. Those statements include the balance sheet, profit & loss, budget vs. actual and monthly cash flow.ECICOG’s Board approves all expenses prior to the processing of payments and all checks require two signatures from approved signators (usually the Executive Director and Treasurer).An outside accounting firm, Savant Tax & Consulting, reviews all transactions, reconciles the bank statements, prepares financial statements and makes final journal entries each month as well as prepares quarterly payroll tax reports.