Answer: Management and the Council need to actively review accounting records and reports for accuracy.
Trend: Regular reviews help identify discrepancies and improve financial oversight.
List: Ensure consistent documentation, schedule periodic reviews, and involve relevant stakeholders in the process.
Finding Text
3. Using the knowledge of management and the Council to review accounting records and reports.
Corrective Action Plan
The City’s management is aware of this condition and believes that it is not economically feasible to attain the ideal segregation of duties. Management attempts to mitigate the associated risks by doing the following: