FAC Explorer

Finding 610529 (2022-001)

Material Weakness Repeat Finding
Requirement
BL
Questioned Costs
-
Year
2022
Accepted
2023-03-08
Audit: 32726
Organization: Louisa-Muscatine Community School District (IA)
Auditor: Kay Chapman CPA PC

AI Summary

  • Answer: The District failed to separate key financial roles, which can lead to errors or fraud.
  • Trend: This issue affects both revenue and expenditure processes, including federal program funds.
  • List: Recommend implementing clear role divisions for custody, record-keeping, and reconciliation to enhance financial controls.

Finding Text

The District did not properly segregated custody, record-keeping and reconciling functions for revenues and expenditures, including those related to federal programs.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 34086 2022-001
    Material Weakness Repeat
  • 34087 2022-001
    Material Weakness Repeat
  • 610528 2022-001
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
10.555 National School Lunch Program $491,106
84.425 Education Stabilization Fund $286,416
10.553 School Breakfast Program $100,035
84.010 Title I Grants to Local Educational Agencies $34,553
84.027 Special Education_grants to States $32,128
84.367 Improving Teacher Quality State Grants $16,979
84.424 Student Support and Academic Enrichment Program $10,000
84.048 Career and Technical Education -- Basic Grants to States $4,957