FAC Explorer

Finding 9241 (2023-002)

Significant Deficiency Repeat Finding
Requirement
C
Questioned Costs
-
Year
2023
Accepted
2024-01-22
Audit: 12648
Organization: Scotland County Board of Education (NC)
Auditor: Anderson Smith & Wike PLLC

AI Summary

  • Core Issue: Timely bank reconciliations were not completed, risking inaccurate financial reporting for management decisions.
  • Impacted Requirements: Compliance with cash management controls, specifically the timely preparation of monthly bank reconciliations.
  • Recommended Follow-Up: Management should continue to monitor monthly reconciliations to ensure all accounts are reconciled promptly and maintain the new controls implemented.

Finding Text

U.S. Department of Education Passed Through the N.C. Department of Public Instruction Program Names: COVID-19 – Education Stabilization Fund (AL #: 84.425) Special Education Cluster (AL #’s: 84.027 and 84.173) Title I, Grants to Local Educational Agencies (AL #: 84.010) SIGNIFICANT DEFICIENCY Compliance – Cash Management Criteria: Controls should ensure that bank reconciliations are prepared in a timely manner each month to enable the Board to make timely decisions based upon accurate data. Condition: State bank account reconciliations were not prepared in a timely manner during the year. Effect: Since bank account reconciliations were not performed in a timely manner, management decisions could have been made by the Board while relying upon inaccurate financial reporting. Cause: The June 30, 2022 audit could not be completed until late March, 2023 due to account reconciliations having to be finalized. Therefore, the account reconciliation process for the 2022-2023 year was already approximately nine months behind at the conclusion of the 2022 audit. Management implemented controls and procedures during the 2022-2023 year to address this issue and has worked diligently to catch-up these reconciliations for the 2022-2023 year. Question costs: None. Identification of a repeat finding: This is a repeat finding from the immediate previous audit, Finding 22-05. Recommendation: Management has indicated that with the controls and procedures put in place during the 2022-2023 year, the district is now almost current with its monthly reconciliation processes. We recommend that management continue to monitor and review these monthly reconciliations to ensure that all general ledger accounts are being reconciled in a timely manner. Views of responsible officials and planned corrective actions: The Board of Education agrees with this finding. Management will take the necessary actions as described in the Corrective Action Plan.

Categories

Subrecipient Monitoring Cash Management Reporting Significant Deficiency

Other Findings in this Audit

  • 9234 2023-002
    Significant Deficiency Repeat
  • 9235 2023-002
    Significant Deficiency Repeat
  • 9236 2023-002
    Significant Deficiency Repeat
  • 9237 2023-002
    Significant Deficiency Repeat
  • 9238 2023-002
    Significant Deficiency Repeat
  • 9239 2023-002
    Significant Deficiency Repeat
  • 9240 2023-002
    Significant Deficiency Repeat
  • 9242 2023-002
    Significant Deficiency Repeat
  • 9243 2023-002
    Significant Deficiency Repeat
  • 9244 2023-002
    Significant Deficiency Repeat
  • 9245 2023-002
    Significant Deficiency Repeat
  • 9246 2023-002
    Significant Deficiency Repeat
  • 9247 2023-002
    Significant Deficiency Repeat
  • 9248 2023-002
    Significant Deficiency Repeat
  • 9249 2023-002
    Significant Deficiency Repeat
  • 9250 2023-002
    Significant Deficiency Repeat
  • 9251 2023-002
    Significant Deficiency Repeat
  • 9252 2023-002
    Significant Deficiency Repeat
  • 9253 2023-002
    Significant Deficiency Repeat
  • 9254 2023-002
    Significant Deficiency Repeat
  • 9255 2023-002
    Significant Deficiency Repeat
  • 9256 2023-002
    Significant Deficiency Repeat
  • 9257 2023-002
    Significant Deficiency Repeat
  • 9258 2023-002
    Significant Deficiency Repeat
  • 9259 2023-002
    Significant Deficiency Repeat
  • 9260 2023-002
    Significant Deficiency Repeat
  • 9261 2023-002
    Significant Deficiency Repeat
  • 585676 2023-002
    Significant Deficiency Repeat
  • 585677 2023-002
    Significant Deficiency Repeat
  • 585678 2023-002
    Significant Deficiency Repeat
  • 585679 2023-002
    Significant Deficiency Repeat
  • 585680 2023-002
    Significant Deficiency Repeat
  • 585681 2023-002
    Significant Deficiency Repeat
  • 585682 2023-002
    Significant Deficiency Repeat
  • 585683 2023-002
    Significant Deficiency Repeat
  • 585684 2023-002
    Significant Deficiency Repeat
  • 585685 2023-002
    Significant Deficiency Repeat
  • 585686 2023-002
    Significant Deficiency Repeat
  • 585687 2023-002
    Significant Deficiency Repeat
  • 585688 2023-002
    Significant Deficiency Repeat
  • 585689 2023-002
    Significant Deficiency Repeat
  • 585690 2023-002
    Significant Deficiency Repeat
  • 585691 2023-002
    Significant Deficiency Repeat
  • 585692 2023-002
    Significant Deficiency Repeat
  • 585693 2023-002
    Significant Deficiency Repeat
  • 585694 2023-002
    Significant Deficiency Repeat
  • 585695 2023-002
    Significant Deficiency Repeat
  • 585696 2023-002
    Significant Deficiency Repeat
  • 585697 2023-002
    Significant Deficiency Repeat
  • 585698 2023-002
    Significant Deficiency Repeat
  • 585699 2023-002
    Significant Deficiency Repeat
  • 585700 2023-002
    Significant Deficiency Repeat
  • 585701 2023-002
    Significant Deficiency Repeat
  • 585702 2023-002
    Significant Deficiency Repeat
  • 585703 2023-002
    Significant Deficiency Repeat

Programs in Audit

ALN Program Name Expenditures
84.010 Title I Grants to Local Educational Agencies $3.12M
10.553 School Breakfast Program $976,056
84.367 Improving Teacher Quality State Grants $429,507
16.710 Public Safety Partnership and Community Policing Grants $307,841
84.358 Rural Education $302,403
84.060 Indian Education_grants to Local Educational Agencies $201,966
84.048 Career and Technical Education -- Basic Grants to States $188,223
84.424 Student Support and Academic Enrichment Program $160,116
97.036 Public Assistance Grants $111,260
84.041 Impact Aid $76,878
92.235 Abstinence Education $65,588
84.027 Special Education_grants to States $53,989
12.000 Rotc $49,780
17.259 Wia Youth Activities $41,926
84.196 Education for Homeless Children and Youth $36,602
84.323 Special Education - State Personnel Development $12,120
84.425 Education Stabilization Fund $10,988
10.185 Local Food for Schools Cooperative Agreement Program $10,321
84.173 Special Education_preschool Grants $10,038
10.555 National School Lunch Program $7,379