Finding #2022-003 ? Material Adjustments (Prior Year Finding #2021-003) Condition: Material adjusting journal entries not prepared by the District before the audit were required to record and reconcile account balances. Effect: Financial reports generated by the accounting system may not provide an accurate reflection of the District?s financial position or activities. Not reconciling accounts on a timely basis could lead to errors or other problems not being recognized and resolved. Cause: Financial information was not recorded in a timely manner and material adjustments were needed in order to correct various transactions. Criteria: Material adjusting journal entries not prepared by the District before the audit are considered an internal control weakness. Recommendation: Policies and procedures should be implemented to ensure account balances are properly recorded in a timely manner. Response: The District will work to establish policies and procedures to reduce the materiality of adjusting journal entries proposed by the auditor. To assist with business operations, the District contracted for additional business office services for the 2022/2023 school year. Contact Person: Robert Antholine, Phone number: 262-537-2211, Email: rantholine@randall.k12.wi.us Anticipated Completion: June 30, 2023