Answer: There is a significant issue with the way accounting duties are divided, allowing the same person to handle both assets and records.
Trend: This lack of separation increases the risk of errors or fraud within financial transactions.
List: Review and restructure accounting roles to ensure proper segregation of duties and enhance oversight.
Finding Text
There is a lack of segregation of accounting duties that enables the same individuals to have access to both physical assets and the related accounting records or to all phases of a transaction.
Corrective Action Plan
The duties will be segregated as much as possible, and the Board of Commissioners will remain involved in reviewing the financial statements of the Commission.