Finding 569729 (2024-001)

Material Weakness Repeat Finding

Requirement

Questioned Costs

Year

2024

Accepted

2025-06-30

Audit: 361067

Organization: City of Osceola (NE)

Auditor: Gabriel Burger & Else CPA PC

AI Summary

Answer: Effective internal controls are essential for protecting assets and ensuring accurate financial records.
Trend: Organizations are increasingly recognizing the importance of having a structured internal control system with clear procedures.
List: Ensure proper segregation of duties to prevent any single person from managing all aspects of a transaction.

Finding Text

Criteria: Good internal control includes a plan of organization, procedures, and records designed to safeguard assets and provide reliable financial records. A system of internal control should include proper segregation of duties so no one individual is capable of handling all phases of a transaction from beginning to end.

Corrective Action Plan

The City has discussed the finding but must consider the cost of adequate segregation of duties when determining the use of taxpayer resources.

Other Findings in this Audit

1146171 2024-001

Material Weakness Repeat

Programs in Audit

ALN	Program Name	Expenditures
66.468	Drinking Water State Revolving Fund	$1.19M