FAC Explorer

Finding 30782 (2022-001)

Material Weakness
Requirement
ABEL
Questioned Costs
-
Year
2022
Accepted
2022-11-20
Audit: 26676
Organization: Iowa Community Capital (IA)
Auditor: Houston & Seeman PC

AI Summary

  • Core Issue: Lack of proper segregation of duties due to a limited number of personnel handling key accounting tasks.
  • Impacted Requirements: Internal control measures are insufficient, increasing the risk of errors or fraud.
  • Recommended Follow-Up: Consider hiring additional staff or reallocating responsibilities to enhance internal controls.

Finding Text

Segregation of Duties - One important aspect of internal control is the segregation of duties among personnel to prevent an individual from handling duties which are incompatible. Iowa Community Capital has a limited number of people which have the primary responsibility for most of the accounting and financial duties, as a result some of the aspects or 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

  • 607224 2022-001
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
21.020 Community Development Financial Institutions Program $1.06M