[read complete report - pdf]

Audit Objective

Determine if the Clerk-Treasurer accurately and completely accounted for, recorded and reported all financial transactions in a timely manner.

Key Findings

• The former Clerk-Treasurer did not maintain accounting records using the modified accrual basis of accounting.
• Accounting records were not adequate to properly monitor the Village’s financial condition and operations.
• The former and current Clerk-Treasurer did not provide monthly financial reports of receipts and disbursements to the Board.

Key Recommendations

The Clerk-Treasurer should:

• Maintain accurate and timely accounting records including revenues and expenditures using the modified accrual basis of accounting.
• Provide monthly financial reports to the Board.

Village officials generally agreed with our recommendations and indicated they planned to initiate corrective action.