FAC Explorer

Finding 21420 (2022-004)

Material Weakness Repeat Finding
Requirement
BL
Questioned Costs
-
Year
2022
Accepted
2023-03-27
Audit: 19103
Organization: Iowa Valley Community School District (IA)
Auditor: Kay L Chapman CPA PC

AI Summary

  • Answer: The District failed to separate key financial duties, which can lead to errors and fraud.
  • Trend: This issue is common in organizations that do not prioritize internal controls.
  • List: Recommend implementing clear roles for custody, recordkeeping, and reconciliation to enhance financial oversight.

Finding Text

The District did not properly segregate custody, recordkeeping and reconciling functions for revenues and expenditures, including those related to federal programs.

Corrective Action Plan

We have reviewed procedures and plan to make the necessary changes to improve internal control.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 21421 2022-004
    Material Weakness Repeat
  • 597862 2022-004
    Material Weakness Repeat
  • 597863 2022-004
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
10.555 National School Lunch Program $370,050
84.425 Education Stabilization Fund $138,445
10.553 School Breakfast Program $59,810
84.358 Rural Education $41,712
84.027 Special Education_grants to States $23,942
84.424 Student Support and Academic Enrichment Program $10,000
84.367 Improving Teacher Quality State Grants $9,660
84.048 Career and Technical Education -- Basic Grants to States $5,055
84.010 Title I Grants to Local Educational Agencies $4,903