Finding 1156403 (2024-001)

Material Weakness Repeat Finding
Requirement
P
Questioned Costs
-
Year
2024
Accepted
2025-09-29

AI Summary

  • Core Issue: The Agency lacked proper segregation of duties in accounting for 2024.
  • Impacted Requirements: Internal control procedures were not followed, increasing risk due to insufficient compensating controls.
  • Recommended Follow-up: Assess staffing needs in the accounting department to ensure proper segregation of duties is maintained.

Finding Text

Condition - The Agency had a lack of segregation of duties during the year ended December 31, 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 2024, the Agency had a limited number of staff in the accounting department to be able to keep proper segregation of duties. Effect - The Agency could not maintain segregation of duties.

Corrective Action Plan

Corrective Action Plan - We acknowledge the audit finding regarding the lack of segregation of duties. To address this issue, we have developed the following corrective action plan: 1. Risk Assessment: We will conduct a risk assessment to identify all areas with Segregation of Duty conflicts. 2. Policy Implementation: Policies will be evaluated and will be established to clearly define roles and responsibilities, ensuring no single individual controls multiple aspects of critical financial transactions. 3. Duty Reassignment: We have also hired another position in the finance department with the start date of August 7, 2024. Responsibilities will be assigned among the staff to eliminate conflicts. Accounts Payable entry and check printing have been assigned to separate staff with the CFO reviewing both. 4. Training: Employees will receive training on the importance of Segregation of Duties and their specific roles under the new framework. 5. Monitoring: Regular internal audits and continuous monitoring will be implemented to ensure compliance with the new Segregation of Duties policies. Anticipated Completion Date - We anticipate completing these actions by October 31, 2025. Responsible Parties - Stephanie Cooper, Chief Executive Officer, 909 Broadway, Hannibal, MO 63401 (573)221-3892

Categories

Internal Control / Segregation of Duties

Other Findings in this Audit

  • 1156393 2024-001
    Material Weakness Repeat
  • 1156394 2024-001
    Material Weakness Repeat
  • 1156395 2024-001
    Material Weakness Repeat
  • 1156396 2024-001
    Material Weakness Repeat
  • 1156397 2024-001
    Material Weakness Repeat
  • 1156398 2024-001
    Material Weakness Repeat
  • 1156399 2024-001
    Material Weakness Repeat
  • 1156400 2024-001
    Material Weakness Repeat
  • 1156401 2024-001
    Material Weakness Repeat
  • 1156402 2024-001
    Material Weakness Repeat
  • 1156404 2024-002
    Material Weakness Repeat
  • 1156405 2024-002
    Material Weakness Repeat
  • 1156406 2024-002
    Material Weakness Repeat
  • 1156407 2024-002
    Material Weakness Repeat
  • 1156408 2024-002
    Material Weakness Repeat
  • 1156409 2024-002
    Material Weakness Repeat
  • 1156410 2024-002
    Material Weakness Repeat
  • 1156411 2024-002
    Material Weakness Repeat
  • 1156412 2024-002
    Material Weakness Repeat
  • 1156413 2024-002
    Material Weakness Repeat
  • 1156414 2024-002
    Material Weakness Repeat
  • 1156415 2024-003
    Material Weakness Repeat
  • 1156416 2024-003
    Material Weakness Repeat
  • 1156417 2024-003
    Material Weakness Repeat
  • 1156418 2024-003
    Material Weakness Repeat
  • 1156419 2024-003
    Material Weakness Repeat
  • 1156420 2024-003
    Material Weakness Repeat
  • 1156421 2024-003
    Material Weakness Repeat
  • 1156422 2024-003
    Material Weakness Repeat
  • 1156423 2024-003
    Material Weakness Repeat
  • 1156424 2024-003
    Material Weakness Repeat
  • 1156425 2024-003
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
93.600 Head Start $1.04M
10.766 Community Facilities Loans and Grants $904,841
10.558 Child and Adult Care Food Program $496,392
93.575 Child Care and Development Block Grant $296,343
10.569 Emergency Food Assistance Program (food Commodities) $199,043
94.011 Americorps Seniors Foster Grandparent Program (fgp) 94.011 $193,274
10.565 Commodity Supplemental Food Program $116,655
14.231 Emergency Solutions Grant Program $108,955
94.002 Americorps Seniors Retired and Senior Volunteer Program (rsvp) 94.002 $81,606
16.575 Crime Victim Assistance $50,683