Finding Text
2022-001 Segregation of Duties Criteria: There should be adequate segregation of duties within the entity's accounting department to ensure effective internal control. Condition: There is a lack of segregation within Williamsburg Area Improved Dwellings, Inc.'s ("WAID") accounting department. Effect: Errors or misstatements may not be detected. Cause: WAID only has one staff person in its accounting department. Identification of a repeat finding: This is a repeat finding from the June 30, 2021 audit. Recommendation: Implementation of compensating controls to mitigate the lack of segregation. Management's Response: WAID agrees with this finding and will adhere to the corrective action plan detailed in the following section.