Answer: There is a lack of proper separation of accounting duties, which weakens internal controls.
Trend: This issue affects the accuracy and reliability of financial reporting, especially for federal awards.
List: Review and restructure accounting roles to ensure clear separation of duties for better control.
Finding Text
All accounting duties are not adequately separated to the extent necessary for complete internal control, including those related to recording and reporting transactions related to federal award programs.
Corrective Action Plan
Accounting responsibilities between accounting staff are being evaluated and will be reassigned to include bank reconciliation responsibilities and any accounting functions regarding recording & reporting of federal awards. All changes in accounting responsibilities will be reassigned and implemented by the end of fiscal year 2023-2024.