FAC Explorer

Finding 565724 (2024-002)

Material Weakness Repeat Finding
Requirement
L
Questioned Costs
-
Year
2024
Accepted
2025-06-23
Audit: 359434
Organization: School District of Cudahy (WI)
Auditor: Lauterbach & Amen LLP

AI Summary

  • Issue: There is a material weakness in the internal controls for the bank reconciliation process, leading to significant cash discrepancies.
  • Impacted Requirements: Accurate reporting and assessment of bank reconciliation are compromised.
  • Follow-Up: Implement stronger internal controls to ensure accurate bank reconciliation and compliance with reporting standards.

Finding Text

Finding 2024 – 2: Bank Reconciliation Comment: During audit fieldwork, we discovered material weakness over the internal control related to the bank reconciliation process, which has resulted in significant discrepancies in the reconciliation for cash. Recommendation: We recommend the District implement effective internal controls in order to provide an accurate assessment of reporting requirements on bank reconciliation.

Corrective Action Plan

Plan: The District acknowledges the finding and will review the bank reconciliation process and procedures. Anticipated Date of Completion: The District will immediately implement yearly review of the fiscal closing process.

Categories

Material Weakness Reporting Internal Control / Segregation of Duties

Other Findings in this Audit

  • 565723 2024-001
    Significant Deficiency
  • 565725 2024-001
    Significant Deficiency
  • 565726 2024-002
    Material Weakness Repeat
  • 1142165 2024-001
    Significant Deficiency
  • 1142166 2024-002
    Material Weakness Repeat
  • 1142167 2024-001
    Significant Deficiency
  • 1142168 2024-002
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
10.555 National School Lunch Program $870,400
84.027 Special Education Grants to States $782,671
84.010 Title I Grants to Local Educational Agencies $673,773
10.553 School Breakfast Program $383,093
93.778 Medical Assistance Program $255,408
84.367 Supporting Effective Instruction State Grants (formerly Improving Teacher Quality State Grants) $80,666
84.173 Special Education Preschool Grants $59,729
84.424 Student Support and Academic Enrichment Program $44,612
10.559 Summer Food Service Program for Children $38,863
84.365 English Language Acquisition State Grants $27,502
84.048 Career and Technical Education -- Basic Grants to States $25,404
84.425 Education Stabilization Fund $15,861
10.582 Fresh Fruit and Vegetable Program $8,108