Finding Text
Criteria: Maintain adequate internal controls, including segregation of duties, in order to record, process, summarize and report financial data consistent with the assertions of management in the financial statements. Condition: Lack of segregation of duties. Cause: Due to the size of the organization, there is a limited number of accounting staff. Effect: Could adversely affect the Village’s ability to record, process, summarize and report financial data consistent with the assertions of management in the financial statements. Recommendation: Segregation of duties needs to be increased whenever possible with the personnel available. Response: The Village has segregated as many duties as possible given the small accounting staff.