Finding 1169096 (2025-002)

Finding Number 2023-003: Criteria or specific requirement: The accounting function should be controlled by a sufficient number of individuals in order to have adequate segregation of duties. Condition: The Authority's accounting function is controlled by a limited number of individuals resulting in inadequate segregation of duties. Context: The Authority's accounting function is mainly controlled by one bookkeeper. Effect: The limited number of personnel hinders the overall effectiveness of internal controls. Cause: The Authority is unable to hire an adequate number of staff to increase the effectiveness of internal controls. Recommendation: The Authority should segregate duties where possible. The Board should be aware of this problem and closely review and approve all financial related information. Management's Response: The Authority has reviewed and continues to review its financial policies and procedures to better segregate duties where possible. The Treasurer continually reminds the Board about their responsibility in regards to reviewing and approving financial items and asking questions. It is not cost-feasible to hire additional personnel.