Finding 26353 (2022-001)

Material Weakness Repeat Finding

Requirement

Questioned Costs

Year

2022

Accepted

2023-03-19

Audit: 26302

Organization: Central Commuity 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.

Corrective Action Plan

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

Other Findings in this Audit

602795 2022-001

Material Weakness Repeat

Programs in Audit

ALN	Program Name	Expenditures
84.425	Education Stabilization Fund	$473,172
10.555	National School Lunch Program	$286,723
84.010	Title I Grants to Local Educational Agencies	$66,890
10.553	School Breakfast Program	$46,428
32.009	Emergency Connectivity Fund Program	$43,851
84.358	Rural Education	$39,172
10.559	Summer Food Service Program for Children	$18,863
84.027	Special Education_grants to States	$18,366
84.367	Improving Teacher Quality State Grants	$10,606
84.424	Student Support and Academic Enrichment Program	$10,000
84.048	Career and Technical Education -- Basic Grants to States	$7,159