Purpose of Audit

The purpose of our audit was to examine whether Library officials ensured that bank reconciliations were accurately performed and reviewed in a timely manner for the period January 1, 2014 through June 30, 2015.

Background

The Shelter Rock Public Library District is located in the Town of North Hempstead in Nassau County. The Library, which is a Special District Public Library that was established by a special act of the State Legislature in 1962, is governed by an elected five-member Board of Trustees. Budgeted appropriations for 2015 total approximately $4.15 million.

Key Finding

• Library officials have not adequately segregated duties related to the preparation and review of review bank reconciliations.

Key Recommendation

• Ensure that bank reconciliations are performed by someone who is independent of the accounting functions and designate a Board member or Library official who is independent of the accounting functions to review the reconciliations.