Finding 1214196 (2025-004)

Material Weakness Repeat Finding
Requirement
L
Questioned Costs
-
Year
2025
Accepted
2026-05-08
Audit: 400919
Organization: Village of Kincaid (IL)

AI Summary

  • Core Issue: The organization lacks adequate internal controls for financial reporting due to insufficient expertise.
  • Impacted Requirements: Compliance with financial reporting and disclosures, particularly the Schedule of Expenditures of Federal Awards.
  • Recommended Follow-Up: Consider ways to obtain necessary expertise, despite cost concerns.

Finding Text

Criteria: Compliance with required financial reporting and disclosures. Condition: Lack of adequate internal control over financial reporting. Cause: Due to the size of the organization, there is no staff with sufficient expertise to ensure compliance with all required financial reporting and disclosures. Effect: Could adversely affect the Village’s assurance that financial reporting including the preparation of the Schedule of Expenditures of Federal Awards, is in accordance with the modified cash basis of accounting. Recommendation: Obtain necessary expertise. Response: It is not cost effective to do so.

Corrective Action Plan

Village of Kincaid does not believe a Corrective Action Plan is needed for Findings 25-02 and 25-04 - Financial Reporting. Village of Kincaid has implemented as many controls over financial reporting as possible given the number of personnel and the budget available.

Categories

Reporting

Other Findings in this Audit

  • 1214191 2025-003
    Material Weakness Repeat
  • 1214192 2025-004
    Material Weakness Repeat
  • 1214193 2025-003
    Material Weakness Repeat
  • 1214194 2025-004
    Material Weakness Repeat
  • 1214195 2025-003
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
66.468 DRINKING WATER STATE REVOLVING FUND $1.07M
66.458 CLEAN WATER STATE REVOLVING FUND $362,010
21.027 CORONAVIRUS STATE AND LOCAL FISCAL RECOVERY FUNDS $6,527