Answer: There is insufficient separation of responsibilities in financial reporting for federal awards.
Trend: This issue could lead to increased risk of errors or fraud in financial reporting.
List: Review and adjust roles to ensure proper segregation of duties in financial processes.
Finding Text
THERE IS A LACK OF SEGREGATION OF DUTIES IN REGARDS TO THE FINANCIAL REPORTING OF THE FEDERAL AWARD PROGRAMS.
Corrective Action Plan
THE DUTIES WILL BE SEGREGATED AS MUCH AS POSSIBLE AND THE BOARD OF DIRECTORS WILL REMAIN INVOLVED IN THE FINANCIAL AFFAIRS OF THE CENTER TO PROVIDE OVERSIGHT AND INDEPENDENT REVIEW FUNCTIONS.
Categories
Questioned CostsReportingInternal Control / Segregation of Duties