Corrective Acton Plan (CAP)
a) Actions Planned in Response to the Finding: The Organization has determined the benefit of adequately segregating duties is less than the cost. Based on this assessment, the Organization is accepting the risk posed by the deficiency while also evaluating mitigating controls that will help reduce the risk of material misstatement of the financial statements. Management is attempting to mitigate the associated risks by doing the following:
1. Identifying areas lacking segregation of duties and where there are higher risks of fraud occurring.
2. Implementing limited segregation to the extent possible to reduce risks without impairing efficiency.
3. Using the knowledge of management and the Board to review accounting records and reports,
b) Official Responsible for Ensuring Corrective Action: Brenda Schmitz, Office Manager, will monitor the effectiveness of the above actions and make changes as considered appropriate.
c) Planned Completion Date for the Corrective Action: The corrective action plan for this finding will be completed by December 31, 2024.
d) Explanation of Disagreement: There is no disagreement with the audit finding.
e) Plan to Monitor Completion of Corrective Action: The Board will be monitoring this corrective action plan to review the recommendations and take appropriate action.