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0 <br /> 0 <br /> ® TOWN OF SURFSIDE, FLORIDA <br /> ® SCHEDULE OF FINDINGS AND QUESTIONED COSTS <br /> ® FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2014 <br /> 0 <br /> ® SECTION II —FINANCIAL STATEMENT FINDINGS (CONTINUED) <br /> 0 <br /> ® MATERL4L WEAKNESS(CONTINUED) <br /> 0 2013-001 Review and Recording of Financial Transactions (continued) <br /> 0 <br /> • Views of Responsible Officials and Planned Corrective Actions <br /> o A detailed general ledger account analysis will be performed on a quarterly basis by supervisory <br /> • staff to ensure accuracy and completeness of account balances. Finance personnel responsible <br /> for preparing journal entries will seek the advice and consult with supervisory Finance <br /> Department staff or the auditors for guidance should any complex or unusual transactions occur <br /> • during the fiscal year. <br /> 0 <br /> O 2014-001 Bank Reconciliations <br /> • Criteria <br /> 0 <br /> ® Prudent practice would dictate that a formal bank reconciliation be performed each month prior <br /> to the end of the following with the appropriate review and sign off as evidence of the <br /> o completeness, the accuracy and timeliness of the reconciliation. Review of the monthly bank <br /> o reconciliations reduces the risk that errors, fraud or misuse of funds could go undetected and/or <br /> ® uncorrected. <br /> • Condition <br /> • During our audit of the fiscal year ended September 30. 2014, we selected 3 months of bank <br /> reconciliations for the Town's pooled cash bank account. The audit disclosed that the bank <br /> • reconciliations did not contain evidence of review or the date they were prepared. Based on <br /> ® further inquiry, we noted that the bank reconciliations are not reviewed after being prepared by <br /> ® the Controller. <br /> o Cause <br /> ® Proper supervision needs to be conducted over the bank reconciliation process <br /> ® Effect <br /> o Without bank reconciliations being reviewed timely for accuracy and completeness, the Town <br /> • would not know if the cash position is accurate and whether or not there were errors, fraud or <br /> • misuse of funds. <br /> 0 <br /> 0 <br /> O 111 <br /> 0 <br /> 0 <br />