FAC Explorer

Finding 607507 (2022-003)

Material Weakness Repeat Finding
Requirement
BL
Questioned Costs
-
Year
2022
Accepted
2023-03-21
Audit: 31563
Organization: Waco Community School District (IA)
Auditor: Kay Chapman CPA PC

AI Summary

  • Answer: The District failed to separate key financial duties, which can lead to errors or fraud.
  • Trend: This issue is common in organizations that do not prioritize internal controls.
  • List: Recommend implementing clear roles for custody, recordkeeping, and reconciliation to enhance accountability.

Finding Text

The District did not properly segregate custody, recordkeeping and reconciling functions for revenues and expenditures, including those related to federal programs

Categories

No categories assigned yet.

Other Findings in this Audit

  • 31065 2022-003
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
84.425 Education Stabilization Fund $686,105
10.555 National School Lunch Program $279,816
84.010 Title I Grants to Local Educational Agencies $111,408
84.358 Rural Education $38,865
84.027 Special Education_grants to States $22,153
84.367 Improving Teacher Quality State Grants $16,579
10.553 School Breakfast Program $10,283
84.424 Student Support and Academic Enrichment Program $10,000
84.048 Career and Technical Education -- Basic Grants to States $4,670