FAC Explorer

Finding 565128 (2021-001)

Material Weakness
Requirement
L
Questioned Costs
-
Year
2021
Accepted
2025-06-17
Audit: 359062
Organization: Falmouth-Pendleton County Airport Board (OH)
Auditor: Chamberlin Owen & CO INC

AI Summary

  • Core Issue: The Board lacks an appropriate accounting system for financial reporting.
  • Impacted Requirements: Standard practices require a system to produce essential financial statements like trial balances and income statements.
  • Recommended Follow-Up: The Board should work with the contracted accountant to ensure all financial records are entered into QuickBooks online promptly.

Finding Text

Finding 2021-01 – Lack of Internal Control Over Financial Reporting – No Accounting System Used Criteria – Standard accounting practices dictate that control over financial reporting begins with the use of an appropriate accounting system. Condition – The Board maintains a budget worksheet and a checkbook with receipts and disbursements downloaded from the bank. Effect – The Board could not produce a trial balance, balance sheet, or income statement for current or past years. Recommendation – The Board should immediately consult with an accountant to enter the Board’s financial records into an appropriate accounting system. Management’s Response – The Board has contracted with a local Accountant to begin entering all Board financial records into Quick Books online.

Corrective Action Plan

Finding Reference Number: 2021-001 Description of Finding: Lack of Internal Control Over Financial Reporting – No Accounting System Used Statement of Concurrence or Nonconcurrence: The Board of the Falmouth Pendleton County Airport agrees with the audit finding. Corrective Action: The Board has contracted with a local Accountant to begin entering all Board financial records into Quick Books online. Name of Contact Person: Dan Bell, Board Chairman, k62airport@gmail.com (859) 816-8879 Projected Completion Date: On or before June 30, 2025

Categories

Reporting Matching / Level of Effort / Earmarking Internal Control / Segregation of Duties

Other Findings in this Audit

  • 565129 2021-002
    Significant Deficiency
  • 565130 2021-003
    Significant Deficiency
  • 565131 2021-004
    Significant Deficiency
  • 1141570 2021-001
    Material Weakness
  • 1141571 2021-002
    Significant Deficiency
  • 1141572 2021-003
    Significant Deficiency
  • 1141573 2021-004
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
20.106 Airport Improvement Program $5.68M