FAC Explorer

Finding 1146171 (2024-001)

Material Weakness Repeat Finding
Requirement
A
Questioned Costs
-
Year
2024
Accepted
2025-06-30
Audit: 361067
Organization: City of Osceola (NE)
Auditor: Gabriel Burger & Else CPA PC

AI Summary

  • Answer: Effective internal controls are essential for protecting assets and ensuring accurate financial records.
  • Trend: Organizations are increasingly recognizing the importance of having a structured internal control system with clear procedures.
  • List: Ensure proper segregation of duties to prevent any single person from managing all aspects of a transaction.

Finding Text

Criteria: Good internal control includes a plan of organization, procedures, and records designed to safeguard assets and provide reliable financial records. A system of internal control should include proper segregation of duties so no one individual is capable of handling all phases of a transaction from beginning to end.

Categories

Internal Control / Segregation of Duties HUD Housing Programs

Other Findings in this Audit

  • 569729 2024-001
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
66.468 Drinking Water State Revolving Fund $1.19M