Answer: The Institute lacks sufficient staff to properly separate duties for key financial processes.
Trend: This issue can lead to increased risk of errors or fraud in financial management.
List: Consider implementing additional oversight measures or cross-training staff to mitigate risks.
Finding Text
Segregation of Duties - The Institute is not large enough to permit an adequate segregation of employee duties for effective internal control over general ledger, cash receipts, cash disbursements, and bank reconciliations.
Corrective Action Plan
Management has noted this condition and has determined that the cost necessary to establish adequate segregation of duties is not justifiable at this time.