Finding Text
2024-001 Segregation of Duties
Criteria: There should be adequate segregation of duties within the entity's accounting department to ensure effective internal control. Condition: There is a lack of segregation within Williamsburg Area
Improved Dwellings, Inc.'s ("WAID") accounting department.
Effect: Errors or misstatements may not be detected.
Cause: WAID only has one staff person in its accounting department.
Identification of a repeat finding: This is a repeat finding from
the June 30, 2023 audit.
Recommendation: Implementation of compensating controls to mitigate
the lack of segregation.
Management's Response: WAID agrees with this finding and will
adhere to the corrective action plan detailed in the following
section.