Finding Text
2024-005 Timely Bank Reconciliations Material Weakness This is a repeat finding. The prior-year’s auditing finding number is 2023-005. Condition: Management is not performing monthly bank reconciliations. Criteria: Part 9. Cash Management Policy of the Housing Authority’s financial Policies states that “On a monthly basis, the Finance Director shall provide a report that shows the cash position from all sources that are accounted for in the cash accounts and investment accounts, along with bank and investment statements.” Cause: A lot of change-over in the Finance Department personnel. Effect: The Housing Authority’s Financial accounting software system reports may be inaccurate. Recommendation: Implement currently adopted policies over bank reconciliations. Prepare monthly bank reconciliations by the end of the subsequent month. Views of Responsible Officials: See Corrective Action Plan.