FAC Explorer

Finding 392197 (2023-002)

Material Weakness Repeat Finding
Requirement
G
Questioned Costs
-
Year
2023
Accepted
2024-04-03
Audit: 302416
Organization: Louisa-Muscatine Community School District (IA)
Auditor: Kay L Chapman CPA PC

AI Summary

  • Answer: The District failed to separate key financial duties, which can lead to errors or fraud.
  • Trend: This issue affects both revenue and expenditure management, including federal program funds.
  • List: Implement proper segregation of duties to enhance financial oversight and compliance.

Finding Text

The District did not properly segregate custody, record-keeping and reconciling functions for revenues and expenditures, including those related to federal programs. See 2023-001

Corrective Action Plan

We have reviewed procedures and plan to make the neccesary changes to improve internal control.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 392198 2023-002
    Material Weakness Repeat
  • 392199 2023-002
    Material Weakness Repeat
  • 968639 2023-002
    Material Weakness Repeat
  • 968640 2023-002
    Material Weakness Repeat
  • 968641 2023-002
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
84.425 Education Stabilization Fund $66,309
10.553 School Breakfast Program $59,943
10.555 National School Lunch Program $47,755
84.027 Special Education_grants to States $30,980
84.010 Title I Grants to Local Educational Agencies $19,663
84.367 Improving Teacher Quality State Grants $18,687
84.424 Student Support and Academic Enrichment Program $10,000