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 accrual basis of accounting. Recommendation: Obtain necessary expertise. Response: It is not cost effective to do so.