Determine whether the Village of East Syracuse (Village) Board of Trustees (Board) adequately monitored cash receipts and disbursements.
The Board did not adequately monitor cash receipts and disbursements. Due to the lack of oversight and compensating controls, there is an increased risk that errors and/or irregularities could occur and remain undetected and uncorrected.
- The Treasurer performed nearly all aspects of the cash receipts and disbursements processes, and the Board did not establish sufficient compensating controls to help ensure cash was safeguarded.
- The Board did not review, or designate anyone to review, bank statements and canceled check images, bank reconciliations and bank transfers, or compare receipts with deposits to help ensure cash was accounted for and records were accurate.
- The Board did not ensure any Village officials reviewed and certified all payroll payments to provide assurance employees received accurate pay.
- The Treasurer paid 49 claims totaling $258,182 without the Board’s audit and approval.
- Properly monitor cash receipts and disbursements.
- Properly audit and approve all claims.
Village officials agreed with our findings and indicated they are initiating corrective action.