Answer: Some accounting staff have overlapping duties that compromise internal controls.
Trend: This issue highlights a recurring problem with duty segregation in the accounting department.
List: Review and adjust staff roles to ensure proper segregation of duties is maintained.
Finding Text
Certain members of the accounting staff have duties incompatible with proper segregation of duties. A fundamental element of internal control is the segregation of certain key duties and responsibilities.
Corrective Action Plan
The board of trustees regularly reviews financial statements, bank reconciliations, and budget vs actual information to help mitigate the lack of ideal segregation of duties.