FAC Explorer

Finding 943326 (2023-001)

Material Weakness Repeat Finding
Requirement
ABCEL
Questioned Costs
-
Year
2023
Accepted
2024-02-12
Audit: 290026
Organization: Iowa Foundaiton for Microenterprise and Community Vitality (IA)
Auditor: Houston & Seeman PC

AI Summary

  • Core Issue: Lack of proper segregation of duties in accounting due to a limited number of staff handling multiple responsibilities.
  • Impacted Requirements: Internal controls are weakened, increasing the risk of errors or fraud.
  • Recommended Follow-Up: Consider cross-training staff or hiring additional personnel to ensure duties are appropriately segregated.

Finding Text

Segregation of Duties – One important aspect of internal control is the segregation of duties among employees to prevent an individual employee from handling duties which are incompatible. The Iowa Foundation for Microenterprise and Community Vitality has a limited number of people which have the primary responsibility for most of the accounting and financial duties, as a result some of the aspects of internal control are missing.

Categories

Internal Control / Segregation of Duties

Other Findings in this Audit

  • 366884 2023-001
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
59.046 Microloan Program $617,822
10.334 Enhancing Agricultural Opportunities for Military Veterans Competitive Grants Program $202,550