Sample Cash City Corrective Action Plan Year ended June 30, 2018 Contact Person, Anticipated Comment Title, Date of Number Comment Title Corrective Action Plan Phone Number Completion II-A-18 Segregation of We have reviewed procedures and plan Tom Claim, November 2, 2018 Duties to make the necessary changes to Administrator, improve internal control. (515) YYY-XXXX II-B-18 Financial We will revise our current procedures Joe Smith, November 2, 2018 Reporting to ensure the proper amounts are Program Director, recorded in the financial statements in (515) YYY-XXXX the future. 2018-001 Unsupported We will revise our procedures so Tom Claim, Documentation to support Expenditures documentation (e.g. invoices and time Administrator, expenditures will be cards) is maintained to support federal (515) YYY-XXXX maintained effective expenditures. We returned the immediately. The questioned $25,589 of questioned costs to the Iowa costs were returned to the Economic Development Authority on Iowa Economic Development October 3, 2018. Authority on October 3, 2018. 2018-002 Segregation of We have reviewed procedures and plan Julie Ledger, November 2, 2018 Duties over to make the necessary changes to Treasurer, Federal improve internal control. Specifically, (515) YYY-XXXX Revenues the custody, record-keeping and reconciling functions currently performed by the Deputy Treasurer will be separated and spread among the Treasurer, Deputy Treasurer and Clerk. 2018-003 Financial We have implemented an independent Joe Smith, Review procedures have been Reporting review process which requires review Program Director, implemented. Timely report by the Program Director, effective (515) YYY-XXXX filing will begin with the immediately. In addition, beginning quarter ending December with the December 2018 quarterly 2018. report, we will submit federal financial reports within the required time frame. In accordance with Uniform Guidance Section 200.511(a), the Corrective Action Plan must include findings relating to the financial statements which are required to be reported in accordance with Government Auditing Standards.
Sample Cash City Corrective Action Plan Year ended June 30, 2018 Comment Number Comment Title Corrective Action Plan Contact Person, Title, Phone Number Anticipated Date of Completion II-A-18 Segregation of Duties We have reviewed procedures and plan to make the necessary changes to improve internal control. Tom Claim, Administrator, (515) YYY-XXXX November 2, 2018 II-B-18 Financial Reporting We will revise our current procedures to ensure the proper amounts are recorded in the financial statements in the future. Joe Smith, Program Director, (515) YYY-XXXX November 2, 2018 2018-001 Unsupported Expenditures We will revise our procedures so documentation (e.g. invoices and time cards) is maintained to support federal expenditures. We returned the $25,589 of questioned costs to the Iowa Economic Development Authority on October 3, 2018. Tom Claim, Administrator, (515) YYY-XXXX Documentation to support expenditures will be maintained effective immediately. The questioned costs were returned to the Iowa Economic Development Authority on October 3, 2018. 2018-002 Segregation of Duties over Federal Revenues We have reviewed procedures and plan to make the necessary changes to improve internal control. Specifically, the custody, record-keeping and reconciling functions currently performed by the Deputy Treasurer will be separated and spread among the Treasurer, Deputy Treasurer and Clerk. Julie Ledger, Treasurer, (515) YYY-XXXX November 2, 2018 2018-003 Financial Reporting We have implemented an independent review process which requires review by the Program Director, effective immediately. In addition, beginning with the December 2018 quarterly report, we will submit federal financial reports within the required time frame. Joe Smith, Program Director, (515) YYY-XXXX Review procedures have been implemented. Timely report filing will begin with the quarter ending December 2018. In accordance with Uniform Guidance Section 200.511(a), the Corrective Action Plan must include findings relating to the financial statements which are required to be reported in accordance with Government Auditing Standards.