Finding Text
Condition: During our audit, we noted the bank reconciliations for the District’s checking, savings and
ISJIT accounts were completed but not compared to the general ledger balance on a monthly
basis to investigate and resolve any variances in a timely manner.
Criteria: When performed timely and accurately bank reconciliations provide support for the cash
position of the District and allow users a higher degree of confidence in the amount of cash
reflected on the financial statements.
Cause: It does not appear the District has established procedures to require bank reconciliations for
checking, savings and ISJIT accounts be reconciled to the general ledger each month.
Effect: Inadequate performance of bank reconciliations could adversely affect the District’s ability to
prevent or detect and correct misstatements, errors, or misappropriation on a timely basis by
employees in the normal course of performing their assigned functions.
Recommendation: The District should ensure bank reconciliations are being prepared and compared to the general
ledger balance each month to investigate and resolve any variances in a timely manner.
Repeat Finding: Yes.
Views of Responsible
Officials and Planned
Corrective Actions: In the future, we will perform bank reconciliations and compare to the general ledger each
month.