Answer: The City has inadequate separation of responsibilities for handling cash disbursements and recording them.
Trend: This issue increases the risk of errors and fraud in financial transactions.
List: Implement stronger controls by assigning different individuals to manage cash disbursements and recordkeeping.
Finding Text
The City has a lack of segregation of duties over cash disbursements and the subsequent recording of these transactions in the accounting records.
Corrective Action Plan
The City has hired an additional employee for the Treasurer's Office in fiscal year 2023 in order to allow for additional segregation of accounting duties.