Answer: There is a significant issue with our internal controls related to how financial statements are prepared.
Trend: This weakness could lead to ongoing inaccuracies in financial reporting if not addressed promptly.
List: Recommended actions include reviewing control processes, enhancing staff training, and conducting regular audits to ensure compliance.
Finding Text
Material Weakness in Internal Controls Over Preparation of Financial Statement
Corrective Action Plan
Margaret Riojas, Office Manager and Ronald Daniels, General Manager, concur with the finding. The District is in the process of interviewing potential new consultants that will assist in the preparation of Financial Statements
Categories
Material WeaknessInternal Control / Segregation of Duties