FAC Explorer

Finding 21906 (2022-001)

Material Weakness Repeat Finding
Requirement
ABCEL
Questioned Costs
-
Year
2022
Accepted
2023-07-24
Audit: 26648
Organization: Iowa Foundaiton for Microenterprise and Community Vitality (IA)
Auditor: Houston & Seeman PC

AI Summary

  • Core Issue: Lack of proper segregation of duties in accounting due to a limited number of staff handling multiple responsibilities.
  • Impacted Requirements: Internal control measures are insufficient, increasing the risk of errors or fraud.
  • Recommended Follow-Up: Consider cross-training staff or hiring additional personnel to ensure proper segregation of duties.

Finding Text

Segregation of Duties - One important aspect of internal control is the segregation of duties among employees to prevent an individual employee from handling duties which are incompatible. The Iowa Foundation for Microenterprise and Community Vitality has a limited number of people which have the primary responsibility for most of the accounting and financial duties, as a result of the aspects of internal control are missing.

Corrective Action Plan

2022-001 Segregation of Duties Over Federal Awards - Continue to review control procedures to obtain the maximum internal control possible under the existing circumstances.

Categories

Internal Control / Segregation of Duties

Other Findings in this Audit

  • 598348 2022-001
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
59.046 Microloan Program $719,237
10.334 Enhancing Agricultural Opportunities for Military Veterans Competitive Grants Program $198,582