Finding 961275 (2023-001)

Significant Deficiency Repeat Finding
Requirement
P
Questioned Costs
-
Year
2023
Accepted
2024-03-26

AI Summary

  • Core Issue: WAID's accounting department lacks adequate segregation of duties, increasing the risk of undetected errors.
  • Impacted Requirements: This finding is a repeat from the June 30, 2021 audit, indicating ongoing compliance issues.
  • Recommended Follow-Up: Implement compensating controls to address the segregation issue and monitor progress on the corrective action plan.

Finding Text

2023-001 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.

Categories

Internal Control / Segregation of Duties

Other Findings in this Audit

  • 384830 2023-001
    Significant Deficiency Repeat
  • 384831 2023-002
    Significant Deficiency Repeat
  • 384832 2023-003
    Significant Deficiency Repeat
  • 384833 2023-001
    Significant Deficiency Repeat
  • 384834 2023-002
    Significant Deficiency Repeat
  • 384835 2023-003
    Significant Deficiency Repeat
  • 961272 2023-001
    Significant Deficiency Repeat
  • 961273 2023-002
    Significant Deficiency Repeat
  • 961274 2023-003
    Significant Deficiency Repeat
  • 961276 2023-002
    Significant Deficiency Repeat
  • 961277 2023-003
    Significant Deficiency Repeat

Programs in Audit

ALN Program Name Expenditures
10.415 Rural Rental Housing Loans $1.38M
10.427 Rural Rental Assistance Payments $250,572