Finding Text
2023-002 Recommend continued evaluation and enhancements to limited segregation of duties over financial reporting.
Additional details associated with the referenced finding (2023-001) can be found in the Financial Statements Finding section above.
Condition:In summary, the School has limited segregation of duties over financial reporting and compliance. In the previous fiscal year (fiscal year 2022), management and the Board of Trustees implemented additional enhancements, inclusive of a formalized federal grants management procedures manual. The Uniform Guidance states that nonfederal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the nonfederal entity is managing the federal award in compliance with federal statues, regulations, and terms and conditions of the federal award. While the School’s adopted federal grants management provides generalized procedures surrounding some aspects of grants management, in our professional judgement, continued additional steps should be taken to more clearly address specific compliance requirements associated with each of the programs/awards the School participates in and overall additional procedures which ensure compliance and timely documentation thereof of compliance with such requirements.