Finding Text
Criteria: Generally Accepted Accounting Principles (GAAP), Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance), The Internal Control - Integrated Framework, published by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and
numerous federal guidelines require the establishment and maintenance of internal control designed to reasonably ensure accurate financial reporting and compliance with laws, regulations and program requirements.
Condition: Two out of three journal entries reviewed did not have adequate reviewer approvals.
Questioned Costs: Not Applicable
Proper Perspective: Systemic to the District.
Effect: The lack of review and approval of journal entries leaves the District susceptible to misappropriation of funds.
Cause: District oversight.
Recommendation: We recommend the District implement a policy where all journal entries will be reviewed and approved by a designated member of management.