[read complete report – pdf]

Audit Objective 

Determine whether the Village of Schaghticoke (Village) Board (Board) provided adequate oversight of financial operations.

Key Findings 

The Board did not provide adequate oversight of financial operations. As a result, the Board cannot be sure it has accurate financial information to make decisions and gauge the Village’s financial condition. The Board did not: 

• Establish controls or other oversight procedures to compensate for the Clerk-Treasurer performing all functions of the financial and recordkeeping duties.
• Audit the Clerk-Treasurer’s records and reports for the fiscal year ending May 31, 2022.

Key Recommendations 

• Establish compensating controls, including periodically reviewing bank statements, cancelled check images and bank reconciliations prepared by the Clerk-Treasurer.
• Annually audit the Clerk-Treasurer’s records and reports.

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