Answer: There's a problem with how accounting duties are divided, allowing the same person to handle both assets and records.
Trend: This lack of separation increases the risk of errors or fraud in financial transactions.
List: We recommend implementing clear divisions of responsibilities to enhance oversight and accountability.
Finding Text
THERE IS A LACK OF SEGREGATION OF ACCOUNTING DUTIES THAT ENABLES THE SAME INDIVIDUALS TO HAVE ACCESS TO BOTH PHYSICAL ASSETS AND THE RELATED ACCOUNTING RECORDS OR TO ALL PHASES OF A TRANSACTION.
Corrective Action Plan
THE DUTIES WILL BE SEGREGATED AS MUCH AS POSSIBLE AND THE COMMISSIONERS WILL REMAIN INVOLVED IN THE FINANCIAL AFFAIRS OF THE AUTHORITY TO PROVIDE OVERSIGHT AND INDEPENDENT REVIEW FUNCTIONS.