FAC Explorer

Finding 554339 (2024-003)

Significant Deficiency
Requirement
I
Questioned Costs
-
Year
2024
Accepted
2025-04-08
Audit: 352944
Organization: City of Cynthiana (KY)
Auditor: Rfh PLLC

AI Summary

  • Answer: The City must implement strong internal controls for accurate financial statements.
  • Trend: Compliance with accounting standards and federal guidelines is essential for transparency.
  • List: Ensure controls are in place for complete financial reporting, especially for federal awards.

Finding Text

The City is required to have internal controls in place that enable it to prepare complete financial statements, including the schedule of expenditure of federal awards in accordance with generally accepted accounting standards and in accordance with the Uniform Guidance at 2 CFR 200.510(b).

Corrective Action Plan

The City agrees with the auditor’s finding and recommendation. The City will add additional internal controls surrounding the review of funding sources to ensure correct classification of State and Federal Funding.

Categories

Internal Control / Segregation of Duties

Other Findings in this Audit

  • 554340 2024-004
    Significant Deficiency
  • 1130781 2024-003
    Significant Deficiency
  • 1130782 2024-004
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
21.027 Coronavirus State and Local Fiscal Recovery Funds $1.14M
97.039 Hazard Mitigation Grant $113,027
20.205 Highway Planning and Construction $112,500
15.916 Outdoor Recreation Acquisition, Development and Planning $87,500