FAC Explorer

Finding 22527 (2022-001)

Material Weakness Repeat Finding
Requirement
BL
Questioned Costs
-
Year
2022
Accepted
2023-03-08
Audit: 21876
Organization: East Sac County Community School District (IA)
Auditor: Kay Chapman CPA PC

AI Summary

  • Core Issue: One person is handling multiple financial tasks, which increases the risk of errors or fraud.
  • Impacted Requirements: This setup violates the principle of segregation of duties, essential for effective internal controls.
  • Recommended Follow-Up: Implement a system where financial tasks are divided among different individuals to enhance oversight and accountability.

Finding Text

I noted that the same individual performed the following duties: recording and processing of cash receipts, preparing checks and bank reconciliations, preparation of journals and general financial information for ledger posting, and the analysis of financial information.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 22526 2022-002
    Material Weakness Repeat
  • 22528 2022-002
    - Repeat
  • 22529 2022-001
    - Repeat
  • 598968 2022-002
    Material Weakness Repeat
  • 598969 2022-001
    Material Weakness Repeat
  • 598970 2022-002
    - Repeat
  • 598971 2022-001
    - Repeat

Programs in Audit

ALN Program Name Expenditures
10.555 National School Lunch Program $496,858
84.425 Education Stabilization Fund $312,565
10.553 School Breakfast Program $186,321
84.010 Title I Grants to Local Educational Agencies $68,499
84.027 Special Education_grants to States $39,213
84.367 Improving Teacher Quality State Grants $31,095
84.048 Career and Technical Education -- Basic Grants to States $11,732
84.424 Student Support and Academic Enrichment Program $10,000