FAC Explorer

Finding 553615 (2024-003)

Material Weakness
Requirement
BL
Questioned Costs
-
Year
2024
Accepted
2025-04-01
Audit: 352196
Organization: Iowa Valley Community School District (IA)
Auditor: Kay L Chapman CPA PC

AI Summary

  • Answer: The District failed to separate key financial duties, which can lead to errors or fraud.
  • Trend: This issue affects both revenue and expenditure processes, including federal program funds.
  • List: Recommend implementing clear roles for custody, record-keeping, and reconciliation to improve oversight.

Finding Text

The District did not properly segregate custody, record-keeping and reconciling functions for revenues and expenditures, including those related to federal programs. See 2024-001.

Corrective Action Plan

We have reviewed procedures and plan to make the necessary changes to improve internal control.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 1130057 2024-003
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
84.425 Education Stabilization Fund $538,065
84.358 Rural Education $53,228
10.553 School Breakfast Program $30,440
84.027 Special Education Grants to States $23,177
10.555 National School Lunch Program $16,324
84.367 Supporting Effective Instruction State Grants (formerly Improving Teacher Quality State Grants) $13,236
84.424 Student Support and Academic Enrichment Program $11,298
84.010 Title I Grants to Local Educational Agencies $8,468
84.048 Career and Technical Education -- Basic Grants to States $7,197