Finding Text
Criteria ? Duties within the accounting department should be allocated to assist in the prevention of management override of controls and provide checks to procedure to detect misstatements. Condition & Context ? More than one employee has the ability to complete multiple parts of tasks. For the year ended December 31, 2022, Tri-County Electric Cooperative, Inc. has failed to appropriately segregate duties in certain accounting areas consistent with control objectives. Cause - Tri-County Electric Cooperative, Inc. does not have resources available to have a fully staffed accounting department to properly segregate duties. Effect ? Because there is no other employees with which to share duties the likelihood that controls could be overridden or material errors go undetected is increased. Recommendation ? Due to the size of the organization and the presence of some mitigating controls, no recommendation to increase the size of the accounting department was made.