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05-31-05
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05-31-05
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9/17/2012 10:46:45 AM
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11/14/2006 4:24:48 PM
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<br />n <br />r. Findin. <br />n 2004-1 <br />0 <br />[1 <br />J <br />[l <br />[] 2004-2 <br />I! <br />[1 <br />[~ <br />[J <br />II <br />n <br />[1 <br />u <br />[ : <br /> <br />. <br /> <br />CITY OF ARDEN HILLS, MINNESOTA <br />SCHEDULE OF FINDINGS AND QUESTIONED COSTS <br />DECEMBER 31, 2004 <br /> <br />Descriotion <br /> <br />Segregation of Duties <br /> <br />Our study and evalnation disclosed that becanse of the limited size of your office staff, the City has limited <br />segregation of duties. Good internal control contemplates an adequate segregation of dnties so that no one <br />individual bandIes a transaction from inception to completion. While we recognize that the City is not large <br />enongh to permit an adequate segregation of duties in all respects, it is important, however, that you be aware of <br />this condition, <br /> <br />Management Response <br /> <br />Management recognizes that it is not economically feasible to correct this finding, is aware of the condition and <br />is relying on oversight by management and Council to monitor this condition, <br /> <br />Collateral Coverage <br /> <br />In accordance with Minnesota statute, section 118A.03, the City is required to have pledged collateral equal to <br />110 percent of the deposits not covered with insurance, The City had adequate collateral pledged through <br />September 30, 2004, but at December 31, 2004, the City did not have any collateral pledged. The City <br />innnediately corrected the situation upon discovery. <br /> <br />Management Response <br /> <br />Management recognizes the requirement for pledging collateral and will work with the bank to ensure it is in <br />place, <br /> <br />www_aemcpas.com <br /> <br />-52- <br /> <br />507.625.2727 . Fax 507.388.9139 <br />
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