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2018 Financial Statements
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2018 Financial Statements
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Financial/Accounting
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FIN 02620
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FINANCIAL STATEMENTS
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CITY OF GEM LAKE, MINNESOTA <br />SCHEDULE OF FINDINGS AND RESPONSES (CONTINUED) <br />YEAR ENDED DECEMBER 31, 2018 <br /> <br /> <br /> <br />(39) <br />MATERIAL WEAKNESS (CONTINUED) <br /> <br />2018-004: Approval of Employee Wages <br />Condition: During our audit procedures we noted that there was no approval for the City employee’s <br />wage increase. <br /> <br />Criteria: Management is responsible for having adequate controls and processes in place to ensure <br />that wages approved by governance on an annual basis or as there are changes. <br /> <br />Effect: Wages can be substantially increased without approval or notification of governance and could <br />result in the city paying out amounts not appropriate for duties or services performed. <br /> <br />Cause: The City does not have the appropriate procedures in place to get formal approval of wage <br />increases. <br /> <br />Recommendation: We recommend the City ensure that all wage increases are approved and <br />documented properly for its employee. <br /> <br />Management Response: <br />Management will ensure wages are approved by governance. <br /> <br />2018-005: Approval of Contracted Services Rate of Pay <br />Condition: During our audit procedures we noted that there was no approval of the increase in hourly <br />rates for outsourced contracted financial services. <br /> <br />Criteria: Management is responsible for having adequate controls and processes in place to ensure <br />that contract rates are approved by governance on an annual basis or as there are changes. <br /> <br />Effect: Contracted rates can be substantially increased without approval or notification of governance <br />and could result in the city paying out amounts not appropriate for duties or services performed. <br /> <br />Cause: The City does not have the appropriate procedures in place to get formal approval of rates. <br /> <br />Recommendation: We recommend the City ensure that all contracted service rate increases are <br />approved by governance and documented properly for its contracted services. <br /> <br />Management Response: <br />Management will ensure rates are approved by governance
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