Finding Text
Segregation of Duties
Criteria: Professional standards require the communication, in writing, to management and those charged with governance, of significant deficiencies and material weaknesses identified in an audit.
Condition: The Authority does not have appropriate segregation of duties.
Cause: The Authority does not have appropriate segregation of duties due to the limited number of personnel.
Effect or potential effect: The material weakness is a deficiency that results in more than a remote likelihood that a material misstatement of the financial statements will not be prevented or detected by the Authority’s internal control.
Recommendation: The Milford Housing Authority’s management and Board of Commissioners must rely on its review and oversight authority to mitigate this inherent weakness in its internal control system.
Views of responsible officials and Planned Corrective Actions: Milford Housing Authority’s management and Board of Commissioners will rely on its review and oversight authority to mitigate this inherent weakness in its internal control system.