FAC Explorer

Finding 611421 (2022-001)

Material Weakness Repeat Finding
Requirement
BL
Questioned Costs
-
Year
2022
Accepted
2023-03-08
Audit: 30579
Organization: Durant 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 or fraud.
  • Impacted Requirements: This setup violates the principle of segregation of duties, essential for effective internal controls.
  • Recommended Follow-Up: Implement a system where financial tasks are divided among different individuals to enhance oversight and accountability.

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 information.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 34978 2022-001
    Material Weakness Repeat
  • 34979 2022-001
    Material Weakness Repeat
  • 34980 2022-001
    Material Weakness Repeat
  • 611420 2022-001
    Material Weakness Repeat
  • 611422 2022-001
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
10.555 National School Lunch Program $421,964
84.425 Education Stabilization Fund $205,249
84.010 Title I Grants to Local Educational Agencies $112,278
10.553 School Breakfast Program $82,236
10.559 Summer Food Service Program for Children $25,697
84.027 Special Education_grants to States $24,307
84.367 Improving Teacher Quality State Grants $10,578
84.424 Student Support and Academic Enrichment Program $10,000
84.048 Career and Technical Education -- Basic Grants to States $5,083
10.649 Pandemic Ebt Administrative Costs $614