FAC Explorer

Finding 418232 (2022-002)

Material Weakness
Requirement
BL
Questioned Costs
-
Year
2022
Accepted
2023-02-20
Audit: 312180
Organization: River Valley Community School District (IA)
Auditor: Kay L Chapman CPA PC

AI Summary

  • Answer: The district failed to separate duties for handling money, keeping records, and reconciling accounts.
  • Trend: This issue affects both revenues and expenditures, including federal program funds.
  • List: Recommend implementing proper segregation of duties to enhance financial controls and reduce risk.

Finding Text

THE DISTRICT DID NOT PROPERLY SEGREGATE CUSTODY, RECORD-KEEPING AND RECONCILING FUNCTIONS FOR REVENUES AND EXPENDITURES, INCLUDING THOSE RELATED TO FEDERAL PROGRAMS.

Corrective Action Plan

WE HAVE REVIEWED PROCEDURES AND PLAN TO MAKE THE NECESSARY CHANGES TO IMPROVE INTERNAL CONTROL.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 418233 2022-002
    Material Weakness
  • 994674 2022-002
    Material Weakness
  • 994675 2022-002
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
84.425 Education Stabilization Fund $453,153
10.555 National School Lunch Program $249,867
84.010 Title I Grants to Local Educational Agencies $76,268
84.358 Rural Education $67,199
10.553 School Breakfast Program $44,412
84.027 Special Education_grants to States $19,034
84.367 Improving Teacher Quality State Grants $12,530
84.424 Student Support and Academic Enrichment Program $10,000
84.048 Career and Technical Education -- Basic Grants to States $3,380
10.649 Pandemic Ebt Administrative Costs $641