Answer: There is a significant issue with the separation of accounting duties.
Trend: This lack of segregation increases the risk of errors and fraud.
List: Review and adjust roles to ensure different individuals handle physical assets and accounting records.
Finding Text
There is a lack of segregation of accounting duties that enables the same individuals to have access to both physical assets and the related accounting records or to all phases of a transaction.
Corrective Action Plan
The duties will be segregated as much as possible, and the Town Council will remain involved in reviewing the financial statements of the Town.