[read complete report - pdf]

Audit Objective

Determine whether the Treasurer prepared accurate and timely bank reconciliations.

Key Findings

The Treasurer did not:

• Prepare 26 of 43 months of bank reconciliations in a timely manner.
• Ensure that the recorded balance for the general fund bank account reflected the actual cash balance for 2016-17 and 2017-18.

Key Recommendations

• Ensure that bank reconciliations are reviewed monthly.
• Ensure that the recorded cash balances at month-end accurately reflect the actual bank balances.
• Perform bank reconciliations within 30 days and post correcting journal entries each month.

District officials agreed with our recommendations and have initiated or indicated they planned to initiate corrective action.