FAC Explorer

Finding 578368 (2022-001)

Significant Deficiency Repeat Finding
Requirement
P
Questioned Costs
-
Year
2022
Accepted
2023-11-15
Audit: 3335
Organization: City of Loves Park (IL)
Auditor: Lucas Group CPAS + Advisors LLC

AI Summary

  • Answer: The City has inadequate separation of responsibilities for handling cash disbursements and recording them.
  • Trend: This issue increases the risk of errors and fraud in financial transactions.
  • List: Implement stronger controls by assigning different individuals to manage cash disbursements and recordkeeping.

Finding Text

The City has a lack of segregation of duties over cash disbursements and the subsequent recording of these transactions in the accounting records.

Categories

Internal Control / Segregation of Duties

Other Findings in this Audit

  • 1926 2022-001
    Significant Deficiency Repeat

Programs in Audit

ALN Program Name Expenditures
21.027 Coronavirus State and Local Fiscal Recovery Funds $1.52M
16.738 Edward Byrne Memorial Justice Assistance Grant Program $84,143
16.922 Equitable Sharing Program $12,440
20.600 State and Community Highway Safety $11,218