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June 13, 2012

 

Comptroller DiNapoli Releases School Audit

New York State Comptroller Thomas P. DiNapoli today announced his office completed an audit of the Hoosick Falls Central School District.

“My office’s audits of school districts and BOCES help schools improve their financial management practices,” DiNapoli said. “These audits are tools for schools to make sure proper policies and procedures are in place to protect taxpayer dollars and provide students with the best possible education.”

Hoosick Falls Central School District – Electronic Funds Transfers (Rensselaer and Washington Counties)
The treasurer initiates each electronic fund transfer, receives the confirmation, records the transaction into the general ledger by hand and at the end of each month makes general journal entries in the financial management system with the monthly totals. Although the audit found no improprieties, when one person performs all functions within the electronic fund transfer process without adequate supervision, it increases the risk that cash may be disbursed improperly and that such disbursements may be concealed without detection.


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