Issued Date
May 14, 2021
Audit Objective
Determine whether Herkimer-Fulton-Hamilton-Otsego Board of Cooperative Educational Services (BOCES) officials established controls to ensure online banking transactions were appropriate and secure.
Key Findings
BOCES officials did not establish adequate controls to ensure online banking transactions were appropriate and secure.
- Online banking transactions are not compared to supporting documentation.
- Bank agreements lack important components such as identifying who is authorized to process online banking transactions or requiring the bank to provide confirmations of online transactions.
- A dedicated computer is not used for online banking.
Key Recommendations
- Ensure that online transactions are reviewed and reconciled to supporting information.
- Update bank agreements.
- Use a dedicated computer for online banking.
BOCES officials agreed with our recommendations and indicated they have initiated or planned to initiate corrective action.