Finding 10515 (2022-003)

Material Weakness
Requirement
N
Questioned Costs
-
Year
2022
Accepted
2024-01-29

AI Summary

  • Issue: Monthly financial reports were not shared with the Board from April to June 2022.
  • Impact: The Board did not review or approve internal financial information on time, affecting oversight.
  • Recommendation: Implement controls to ensure timely delivery of financial reports to the Board.

Finding Text

Criteria: Monthly financial reporting information should be shared with the Board of Directors in a timely manner. Condition: Monthly financial reports were not provided to the Board for the period of April to June 2022. Cause: The delay in the financial reports to the Board was due to turnover in key management positions, including within the accounting department. Effect: During this period, internal financial information was not reviewed or approved by the Board timely. Questioned Cost Amount: None noted. Perspective Information: Three out of twelve months of financial reports were not provided to the Board during the fiscal year ended June 30, 2022 or soon thereafter. Repeat Finding: This is not a repeat finding. Recommendation: We recommend that the Agency implement controls to ensure that financial reports are provided to the Board in a timely manner. Views of Responsible Officials and Planned Corrective Action: The Agency agrees with this finding. See auditee’s corrective action plan.

Corrective Action Plan

Criteria: Monthly financial reporting information should be shared with the Board of Directors in a timely manner. Condition: Monthly financial reports were not provided to the Board for the period of April to June 2022. Cause: The delay in the financial reports to the Board was due to turnover in key management positions, including within the accounting department. Effect: During this period, internal financial information was not reviewed or approved by the Board timely. Questioned Cost Amount: None noted. Perspective Information: Three out of twelve months of financial reports were not provided to the Board during the fiscal year ended June 30, 2022 or soon thereafter. Repeat Finding: This is not a repeat finding. Recommendation: We recommend that the Agency implement controls to ensure that financial reports are provide to the Board in a timely manner. Views of Responsible Officials and Planned Corrective Action: The Agency agrees wtih this finding. See client's corrective action plan. Monthly financial reports will be prepared by the outsourced accountant, reviewed by the CFO and Executive Director, and presented to the Board in a timely manner. Corrective action plan contact person: Chief Financial Officer, Kristy Gamble, (630) 280-2580 Kristy-gamble@wipfli.com Competion Date: October 26, 2023

Categories

Reporting

Other Findings in this Audit

  • 10513 2022-001
    Material Weakness
  • 10514 2022-002
    - Repeat
  • 10516 2022-004
    Material Weakness
  • 10517 2022-001
    Material Weakness
  • 10518 2022-002
    - Repeat
  • 10519 2022-003
    Material Weakness
  • 10520 2022-004
    Material Weakness
  • 10521 2022-001
    Material Weakness
  • 10522 2022-002
    - Repeat
  • 10523 2022-003
    Material Weakness
  • 10524 2022-004
    Material Weakness
  • 10525 2022-001
    Material Weakness
  • 10526 2022-002
    - Repeat
  • 10527 2022-003
    Material Weakness
  • 10528 2022-004
    Material Weakness
  • 586955 2022-001
    Material Weakness
  • 586956 2022-002
    - Repeat
  • 586957 2022-003
    Material Weakness
  • 586958 2022-004
    Material Weakness
  • 586959 2022-001
    Material Weakness
  • 586960 2022-002
    - Repeat
  • 586961 2022-003
    Material Weakness
  • 586962 2022-004
    Material Weakness
  • 586963 2022-001
    Material Weakness
  • 586964 2022-002
    - Repeat
  • 586965 2022-003
    Material Weakness
  • 586966 2022-004
    Material Weakness
  • 586967 2022-001
    Material Weakness
  • 586968 2022-002
    - Repeat
  • 586969 2022-003
    Material Weakness
  • 586970 2022-004
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
93.569 Community Services Block Grant $122,957
93.558 Temporary Assistance for Needy Families $114,713
93.600 Head Start $79,160
10.558 Child and Adult Care Food Program $1,288