FAC Explorer

Finding 596528 (2022-001)

Material Weakness Repeat Finding
Requirement
BL
Questioned Costs
-
Year
2022
Accepted
2023-03-19
Audit: 19074
Organization: Sumner-Fredericksburg Community School District (IA)
Auditor: Kay Chapman CPA PC

AI Summary

  • Core Issue: One person is handling multiple financial tasks, which increases the risk of errors and fraud.
  • Impacted Requirements: This setup violates the principle of segregation of duties, essential for effective internal controls.
  • Recommended Follow-Up: Reassign responsibilities to ensure that no single individual has control over all aspects of financial transactions.

Finding Text

I noted that the same individual performed the following duties: recording and processing of cash receipts, preparing checks and bank reconciliations, preparation of journals and general financial information for ledger posting, and the analysis of financial infom1ation.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 20084 2022-001
    Material Weakness Repeat
  • 20085 2022-001
    Material Weakness Repeat
  • 20086 2022-001
    Material Weakness Repeat
  • 596526 2022-001
    Material Weakness Repeat
  • 596527 2022-001
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
84.425 Education Stabilization Fund $611,645
10.555 National School Lunch Program $502,599
10.553 School Breakfast Program $156,330
84.010 Title I Grants to Local Educational Agencies $101,709
84.027 Special Education_grants to States $35,710
84.367 Improving Teacher Quality State Grants $19,678
84.424 Student Support and Academic Enrichment Program $10,000
84.048 Career and Technical Education -- Basic Grants to States $6,457
10.649 Covid 19 Ebt $614