FAC Explorer

Finding 72920 (2022-002)

Material Weakness Repeat Finding
Requirement
BL
Questioned Costs
-
Year
2022
Accepted
2023-03-23
Audit: 66132
Organization: Lisbon Community School Distirct (IA)
Auditor: Kay Chapman CPA PC

AI Summary

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

Finding Text

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

Corrective Action Plan

We have reviewed procedures and plan to make the necessary changes to improve internal control.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 72921 2022-002
    Material Weakness Repeat
  • 72922 2022-002
    Material Weakness Repeat
  • 649362 2022-002
    Material Weakness Repeat
  • 649363 2022-002
    Material Weakness Repeat
  • 649364 2022-002
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
10.555 National School Lunch Program $441,959
84.425 Education Stabilization Fund $194,976
93.600 Head Start $162,977
10.553 School Breakfast Program $86,891
10.558 Child and Adult Care Food Program $66,196
84.010 Title I Grants to Local Educational Agencies $47,369
84.027 Special Education_grants to States $27,083
84.367 Improving Teacher Quality State Grants $14,644
84.424 Student Support and Academic Enrichment Program $10,000
84.048 Career and Technical Education -- Basic Grants to States $4,291