FAC Explorer

Finding 9435 (2023-003)

Material Weakness Repeat Finding
Requirement
P
Questioned Costs
-
Year
2023
Accepted
2024-01-22
Audit: 12926
Organization: Woodbine Community School District (IA)
Auditor: Schroer & Associates PC

AI Summary

  • Core Issue: The District failed to separate key financial roles, which increases the risk of errors and fraud.
  • Impacted Requirements: This affects compliance with financial management standards and federal program regulations.
  • Recommended Follow-Up: Implement clear divisions of responsibilities for handling receipts, journal entries, and financial reporting.

Finding Text

Segregation of Duties – The District did not properly segregate custody, record-keeping and reconciling functions for receipts, journal entries, and financial reporting including those related to federal programs

Categories

Reporting Internal Control / Segregation of Duties

Other Findings in this Audit

  • 9433 2023-003
    Material Weakness
  • 9434 2023-003
    Material Weakness
  • 9436 2023-003
    Material Weakness Repeat
  • 9437 2023-003
    Material Weakness Repeat
  • 585875 2023-003
    Material Weakness
  • 585876 2023-003
    Material Weakness
  • 585877 2023-003
    Material Weakness Repeat
  • 585878 2023-003
    Material Weakness Repeat
  • 585879 2023-003
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
10.555 National School Lunch Program $188,679
11.307 Economic Adjustment Assistance $111,528
84.010 Title I Grants to Local Educational Agencies $85,505
93.575 Child Care and Development Block Grant $80,132
84.425 Education Stabilization Fund $61,442
10.766 Community Facilities Loans and Grants $50,000
84.358 Rural Education $45,430
10.553 School Breakfast Program $25,433
84.027 Special Education_grants to States $23,752
84.367 Improving Teacher Quality State Grants $10,412
84.424 Student Support and Academic Enrichment Program $10,000
84.048 Career and Technical Education -- Basic Grants to States $5,994