Finding 1124018 (2024-001)

Significant Deficiency
Requirement
P
Questioned Costs
-
Year
2024
Accepted
2025-03-31
Audit: 351755
Organization: YWCA of Quincy Il (IL)

AI Summary

  • Core Issue: The Organization lacked proper segregation of duties in accounting functions for the year ending June 30, 2024.
  • Impacted Requirements: Internal controls require that no single person should handle multiple aspects of an accounting transaction, and compensating controls must be in place if segregation is not possible.
  • Recommended Follow-Up: Management should implement close supervision and regular reviews of accounting information to mitigate risks associated with this lack of segregation.

Finding Text

Condition - The Organization had a lack of segregation of duties during the year ended June 30, 2024. Criteria - Internal control procedures require that accounting functions should be segregated so that one person does not control more than one aspect of an accounting transaction. And when there are duties that are not segregated, compensating controls should be in place to overcome the risks related to a lack of segregation of duties. Cause -During the fiscal year, the Association had a limited number of staff and none whose job function is dedicated to the Association’s accounting functions. Effect - The Association could not maintain segregation of duties. Recommendation - When a lack of segregation of duties exists, management’s close supervision and review of accounting information are the best means of preventing or detecting errors and irregularities.

Categories

Internal Control / Segregation of Duties

Other Findings in this Audit

  • 547575 2024-001
    Significant Deficiency
  • 547576 2024-001
    Significant Deficiency
  • 1124017 2024-001
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
14.267 Continuum of Care Program $566,779
21.027 Coronavirus State and Local Fiscal Recovery Funds $300,010