Finding Text
Finding #2022-004 ? Cash Reconciliations Condition: The main checking account of the District was not reconciled to the general ledger throughout 2021-2022. Effect: Not reconciling cash accounts on a timely basis could lead to errors or other problems not being recognized and resolved in a timely manner. General ledger cash balances should be reconciled to monthly bank statements shortly after bank statements are received. Cause: The District?s main checking account was not reconciled to the general ledger at the time of the onsite audit. After all audit entries were recorded, no significant cash difference exists. Criteria: Internal controls should be kept in place to make sure that cash is reconciled timely and that reconciliations are tied to the general ledger on a monthly basis. Recommendation: We recommend the District develop procedures to reconcile all cash accounts to the general ledger in a timely manner. The reconciliations should be reviewed by someone other than the person preparing the reconciliation. The reviewer should initial and date the reconciliations when the review is complete. Response: The District will begin reconciling cash to the general ledger on a timely basis during the 2022-2023 fiscal year.