Finding 559674 (2024-001)

Significant Deficiency

Requirement

Questioned Costs

Year

2024

Accepted

2025-05-06

Audit: 355554

Organization: Heartland Rural Electric Membership Corporation (IN)

Auditor: Lwg CPAS & Advisors

AI Summary

Answer: Heartland REMC has not properly separated duties in key accounting tasks.
Trend: This issue has persisted throughout the year ending December 31, 2024.
List: Review and implement stronger controls to ensure proper segregation of duties.

Finding Text

More than one employee has the ability to complete multiple parts of tasks. For the year ended December 31, 2024, Heartland REMC has failed to appropriately segregate duties in certain accounting areas consistent with control objectives.

Corrective Action Plan

Regarding finding number 2024-001; Management is aware that there is a lack of segregation of duties. It would not be cost effective to hire additional employees to properly segregate duties at this time. Management performs additional procedures to mitigate this risk.

Other Findings in this Audit

1136116 2024-001

Significant Deficiency

Programs in Audit

ALN	Program Name	Expenditures
21.029	Coronavirus Capital Projects Fund	$12.01M