Subsidiary Ledger for Cash-Collecting Officer Not Updated
Department of Public Works and Highways · 2024
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What Happened?
Category: Financial ManagementIssue: Internal Control DeficiencyThe office did not keep the cash-collection records current, so it could not verify that recorded collections matched actual cash.
Why It Matters
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Original Audit Finding Excerpt
"The SL maintained for the Cash-Collecting Officer account was not updated for seven months, hence, the required reconciliation between SL and cashbook balances at least once every quarter was not observed."