FAC Explorer

Finding 574801 (2022-001)

Material Weakness Repeat Finding
Requirement
L
Questioned Costs
-
Year
2022
Accepted
2025-08-27
Audit: 365093
Organization: Falmouth-Pendleton County Airport Board (OH)
Auditor: Chamberlin Owen & CO INC

AI Summary

  • Core Issue: The Board lacks an appropriate accounting system, which is essential for effective financial reporting.
  • Impacted Requirements: Standard accounting practices require the use of a system to generate key 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 promptly.

Finding Text

Finding 2022-01 – 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.

Corrective Action Plan

Finding Reference Number: 2022-001 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. Name of Contact Person: Dan Bell, Board Chairman, k62airport@gmail.com (859) 816-8879 Projected Completion Date: On or before June 30, 2026

Categories

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

Other Findings in this Audit

  • 574802 2022-002
    Significant Deficiency Repeat
  • 574803 2022-003
    Significant Deficiency Repeat
  • 574804 2022-004
    Significant Deficiency Repeat
  • 1151243 2022-001
    Material Weakness Repeat
  • 1151244 2022-002
    Significant Deficiency Repeat
  • 1151245 2022-003
    Significant Deficiency Repeat
  • 1151246 2022-004
    Significant Deficiency Repeat

Programs in Audit

ALN Program Name Expenditures
20.106 Airport Improvement Program $3.18M