The Yates County Industrial Development Agency received generally favorable marks from New York State Comptroller Tom DiNapoli’s office, who conducted an audit of cash receipts, disbursements, and payroll documentation.
The report notes that while no significant errors were found in how cash receipts and disbursements were recorded and reported, they found a few weaknesses.
Those weaknesses included:
- The Board did not require pre-numbered duplicate receipts or cancelled checks to facilitate the review of accounting records and reports.
- Controls over receipts and disbursements would be strengthened by adding mitigating controls.
- A privately contracted payroll vendor has access to the YCIDA’s bank account to withdraw funds for payroll and processing fees.
The following changes were proposed:
- The Board should adopt cash receipts and disbursement policies.
- Ensure that duties are adequately segregated or implement mitigating controls.
- Discontinue allowing the payroll vendor to access the bank accounts.
“IDA officials agreed with our recommendations and have indicated they plan to initiate corrective action,” DiNapoli’s auditors said in a report.
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