Finding 523625 (2024-003)

Significant Deficiency
Requirement
L
Questioned Costs
-
Year
2024
Accepted
2025-02-19
Audit: 343019
Organization: Village of Bethany (IL)

AI Summary

  • Core Issue: There is a lack of segregation of duties in financial processes.
  • Impacted Requirements: This affects the ability to accurately record, process, and report financial data as per management's assertions.
  • Recommended Follow-Up: Increase segregation of duties where feasible, considering the limited accounting staff.

Finding Text

Criteria: Maintain adequate internal controls, including segregation of duties, in order to record, process, summarize and report financial data consistent with the assertions of management in the financial statements. Condition: Lack of segregation of duties. Cause: Due to the size of the organization, there is a limited number of accounting staff. Effect: Could adversely affect the Village’s ability to record, process, summarize and report financial data consistent with the assertions of management in the financial statements. Recommendation: Segregation of duties needs to be increased whenever possible with the personnel available. Response: The Village has segregated as many duties as possible given the small accounting staff.

Corrective Action Plan

Village of Bethany does not believe a Corrective Action Plan is needed for Findings 24-01 and 24-03 - Segregation of Duties. Village of Bethany has segregated as many duties as possible given the number of personnel and the budget available.

Categories

Internal Control / Segregation of Duties

Other Findings in this Audit

  • 523626 2024-004
    Significant Deficiency
  • 523627 2024-003
    Significant Deficiency
  • 523628 2024-004
    Significant Deficiency
  • 523629 2024-003
    Significant Deficiency
  • 523630 2024-004
    Significant Deficiency
  • 1100067 2024-003
    Significant Deficiency
  • 1100068 2024-004
    Significant Deficiency
  • 1100069 2024-003
    Significant Deficiency
  • 1100070 2024-004
    Significant Deficiency
  • 1100071 2024-003
    Significant Deficiency
  • 1100072 2024-004
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
10.760 Water and Waste Disposal Systems for Rural Communities $1.08M
21.027 Coronavirus State and Local Fiscal Recovery Funds $168,609
97.036 Disaster Grants - Public Assistance (presidentially Declared Disasters) $11,443