Answer: There's a problem with how accounting duties are divided, allowing some individuals to handle both assets and records.
Trend: This issue increases the risk of errors or fraud due to insufficient checks and balances.
List: Implement clear roles and responsibilities to ensure proper segregation of duties in accounting.
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 Commission to provide oversight and independent review functions.