FAC Explorer

Finding 31360 (2022-001)

Material Weakness Repeat Finding
Requirement
L
Questioned Costs
$1
Year
2022
Accepted
2023-04-20
Audit: 35604
Organization: Edison Board of Education (NJ)
Auditor: Holman Frenia Allison

AI Summary

  • Core Issue: The District is not maintaining a complete and accurate general ledger, violating N.J.A.C. 6A:23A-6.4 requirements.
  • Impacted Requirements: This affects operational efficiency, reliable financial reporting, and compliance with laws and regulations.
  • Recommended Follow-Up: Implement internal controls for accurate ledger maintenance and regular reviews of financial reports.

Finding Text

Criteria:N.J.A.C. 6A:23A-6.4 required that the District's internal control policies promote operational efficiency and effectiveness, provide reliable financial information, safeguard assets and records, encourage adherence to prescribed policies and comply with laws and regulations. Condition: During our audit we noted that the District is not maintaining a complete and accurate general ledger in accordance with accounting principles generally accepted in the United States of America Context: Numerous entries were required to bring the District's general ledger into compliance at year-end including misposting of cash disbursements and cancellation of open purchase orders. Cause: Lack of oversight over the financial reporting process. Effect or Potential Effect: Failure to maintain a complete and accurate general ledger led to inaccurate financial reporting. Recommendation: That the District implement internal controls to ensure that a complete and accurate general ledger is maintained and financial reports are reviewed regularly for accuracy. View of Responsible Officials & Planned Corrective Actions: The District will address this finding in the Corrective Action Plan

Categories

Questioned Costs Internal Control / Segregation of Duties Procurement, Suspension & Debarment Reporting

Other Findings in this Audit

  • 31355 2022-001
    Material Weakness Repeat
  • 31356 2022-001
    Material Weakness Repeat
  • 31357 2022-001
    Material Weakness Repeat
  • 31358 2022-001
    Material Weakness Repeat
  • 31359 2022-001
    Material Weakness Repeat
  • 31361 2022-001
    Material Weakness Repeat
  • 31362 2022-001
    Material Weakness Repeat
  • 607797 2022-001
    Material Weakness Repeat
  • 607798 2022-001
    Material Weakness Repeat
  • 607799 2022-001
    Material Weakness Repeat
  • 607800 2022-001
    Material Weakness Repeat
  • 607801 2022-001
    Material Weakness Repeat
  • 607802 2022-001
    Material Weakness Repeat
  • 607803 2022-001
    Material Weakness Repeat
  • 607804 2022-001
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
84.027 Special Education_grants to States $4.11M
10.553 School Breakfast Program $1.87M
84.425 Education Stabilization Fund $402,708
10.555 National School Lunch Program $260,096
84.367 Improving Teacher Quality State Grants $253,863
93.778 Medical Assistance Program $194,698
84.173 Special Education_preschool Grants $126,590
84.424 Student Support and Academic Enrichment Program $54,939
84.365 English Language Acquisition State Grants $27,360
84.010 Title I Grants to Local Educational Agencies $11,810
10.649 Pandemic Ebt Administrative Costs $6,198