Finding Text
One of the most critical areas of a District's internal control structure is the separation of accounting duties. The District has inadequate separation of accounting duties. The basic premise is that no one employee should have access to both physical assets and the related accounting records or to all phases of a transaction, including the capability to prepare the billings, receive the cash, deposit the cash, prepare the cash receipts journal, and reconcile the bank accounts. Although the small size of the District's office staff limits the extent of separation of duties, consideration should be made to separate incompatible duties.