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AAT <br /> 17 <br /> 40w� Orange County, North Carolina <br /> Audit Findings <br /> • 2024-001 Accounting for Cash Transactions and Reconciliation of Bank Accounts <br /> Using the County's Enterprise Resource Planning (ERP) System <br /> Issue: We noted the County's main operating bank account was not reconciled properly in a timely manner. <br /> Internal controls were not sufficient to detect material misstatements in the reporting of cash balances. <br /> Cause/Context: The issues noted appear to result from system generated entries that were created in error during <br /> a period of turnover in key positions at the beginning of the fiscal year under audit. Internal controls were not <br /> sufficient to identify and correct these errors in a timely manner. <br /> County Response: Finance met with the Enterprise Resource Planning software technical team and remediated the <br /> issue during the audit engagement. Finance has updated our Accounting Policies and Procedure Manual to include <br /> additional monthly processes to ensure that financial statements are properly presented in accordance with <br /> generally accepted accounting principles. The new Accounting Manager has reviewed these processes with his new <br /> Accountants. <br /> Auditor's Discussion &Analysis (AD&A) Going Further. <br /> June 30, 2024 <br />