Answer: There is a significant issue with our internal controls during the monthly and annual closing of accounting records.
Trend: This weakness has been persistent, indicating a need for improvement in our financial reporting processes.
List: Recommended actions include reviewing current procedures, enhancing training for staff, and implementing regular audits to ensure compliance.
Finding Text
Material Weakness in Internal Controls Over Monthly/Annual Close of Accounting Records
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 monthly and annual closing of accounting records
Categories
Material WeaknessInternal Control / Segregation of Duties