Finding 509769 (2023-001)

2023-001 - Account Reconciliations Criteria: An effective system of internal controls over financial reporting requires consistent, timely reconciliations of major general ledger accounts. Condition: Several general ledger accounts were not fully reconciled at year end. Cause: Staffing shortages and turn over continued to put strain on the finance department by requiring existing staff to perform multiple job responsibilities. This caused a lack of time to perform complete and accurate reconciliations on a timely basis. Effect: Several accounts were not completely reconciled, causing a delay in the completion of the audit. Recommendation: We continue to recommend management review its current reconciliation policies and procedures to identify any gaps in process or changes in responsibilities in an effort to complete general ledger reconciliations on a timely basis. It will also improve the accuracy and timing of the financial information presented to the Board of Directors on a regular basis throughout the year.