Finding Text
Finding 2022-003 Lack of Controls over Vendor Master File Criteria: The Organization?s management is responsible for proper internal control over financial reporting, including having controls over the vendor master file. Condition: During the audit, we noted that there are no controls or oversight of the vendor master file. Effect: No controls over the vendor master file could allow for misstatements that would not be detected or corrected on a timely basis. Recommendation: We recommend a policy be developed to ensure that any changes to the vendor master file are approved by another employee of the Organization.