Finding Text
Programs: Child and Adult Care Program
Criteria or Specific Requirement: No one employee should have access to both physical assets and related accounting records, or to multiple phases of a transaction.
Condition: The Program Manager performed multiple accounting and reconciliation functions for part of the year.
Cause: The Organization’s accounting department is small and staff turnover during the year inadvertently put too many accounting functions with one staff person for part of the year.
Effect: The lack of segregation of duties increases the possibility that a material misstatement in the entity’s financial statements will not be prevented or detected and corrected on a timely basis.
Questioned costs: There were no questioned costs.