Core Issue: The Institute lacks sufficient staff to properly separate duties, which is crucial for strong internal controls.
Impacted Requirements: This affects controls over the general ledger, cash receipts, cash disbursements, and bank reconciliations.
Recommended Follow-Up: Consider implementing compensating controls or additional oversight to mitigate risks associated with this lack of segregation.
Finding Text
Segregation of Duties - The Institute is not large enough to permit an adequate segregation of
employee duties for effective internal control over general ledger, cash
receipts, cash disbursements, and bank reconciliations.