Tip: Know deficiencies in internal control
Healthcare Auditing Weekly, October 9, 2007
The following are examples of deficiencies that may be reportable conditions:
- Absence of an appropriate segregation of duties that would be consistent with control objectives
- Absence of appropriate reviews and approvals of transactions, accounting entries, or systems output
- Evidence of the intentional override of an internal control by those in authority to the detriment of the overall objectives of the system
- Evidence of the failure to perform tasks that are part of internal control, such as reconciliations either not prepared or not prepared in time
- Significant deficiencies in the design or operation of an internal control that could result in violations of laws and regulations having a direct and material effect on the financial statements
- Failure to follow up and correct previously identified deficiencies in internal control
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