Finding 1079155 (2024-001)

Condition The finance director is involved with almost every step of cash receipt and cash disbursement transactions. Criteria There should be a segregation of duties related to cash receipt and cash disbursement transactions. The access to OuickBooks should be limited to the finance director. Cause There is a small office staff with a limited ability to have segregation of duties and more than one individual had access to the OuickBooks accounting software using the same password. Effect There is a weakness in internal control over cash receipts and cash disbursements when there is a lack of segregation of duties and more than one individual has access to the OuickBooks accounting software using the same password. Recommendation We recommend that procedures be put in place so that more than the finance director is involved in the cash receipt and disbursement process. Also, we recommend that only the finance director have access to OuickBooks. -