Finding Text
SECTION II – FINANCIAL STATEMENT FINDINGS
2023-001
Criteria and Condition: Bank reconciliations are not reviewed by someone independent of the bookkeeping process.
Context: Bank statements are reconciled monthly, however, there is no independent review of the reconciliations once complete.
Cause: Lack of segregation of duties.
Potential Effect: Errors could occur in financial reporting.
Recommendation: Someone independent of the bookkeeping function should review bank reconciliations.
Views of Responsible Officials and Planned Corrective Actions: Management understands the importance of segregation of duties. Borough of Yardley will ensure that bank reconciliations are reviewed going forward.
Action Taken: The Borough will have someone independent of the bookkeeping process begin to review completed bank reconciliations.
Anticipated Completion: During 2024.