Finding Text
Comment: The District’s management has not received a bank reconciliation from the Calumet Township Treasurer for pooled cash and investments. This represents a material weakness in the internal control over financial reporting. Recommendation: We recommend as a means of better control, that bank reconciliation’s be performed each month and any variances be investigated and adjusted immediately. As these are performed by the Township Treasurer, we recommend the District require the monthly bank reconciliations and supporting documents to ensure the correct balances as allocated to District. Management’s Response: The Superintendent, along with staff, will work with the Calumet Township Treasurer to ensure that monthly bank reconciliations and support documents are performed and received prior to or during audit fieldwork.