Finding Text
Condition – During our audit we reviewed procedures over transaction cycles related to receipting, cash disbursements, utility billing, and payroll and found the Organization to have limited segregation of duties related to the disbursements cycle. Criteria – Adequate separation of duties calls for clear segregation of functions such as receipts, disbursements, recording, custody of assets, transaction authorization and performance monitoring. Cause – The accounting staff of the Organization maintain and control the check stock, prepares checks, records disbursements, prepares deposits and posts to general ledger.