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State Auditor Releases Bucyrus Public Library Audit
Audit Issues Findings for Recovery of Just Over $2,400
Auditor of State Mary Taylor today released the audit of the Bucyrus Public Library with findings for recovery in the amount of $2,415.
The audit issues findings for recovery against former deputy clerk/treasurer Robert Siegel, current deputy clerk/treasurer Diane Smith and the library’s bonding company. A comparison of daily deposits to the library’s patron fines account showed a variance of $1,102 in 2004 and $1,313 in 2005.
The findings have not been turned over to law enforcement for investigation because auditors are unable to identify if the missing money was a result of a lack of internal controls or outright fraud.
Additional findings show the library made bank deposits infrequently. In one case, a $6,526 deposit wasn’t made until nearly two months after the money had been collected.
“Holding on to large amounts of cash for extended periods of time can certainly increase the possibility of loss or theft,” Taylor said. “The Board of Trustees should be commended for taking the initiative to make much needed changes to the library’s deposit procedures to ensure the security of library funds.”
The audit also issued the following material citations and reportable conditions:
- Finding for Adjustment – improper posting of interest receipts in 2004 and 2005.
- Interfund Transfers – material transfers were not posted in accordance with the respective board approved resolutions.
- Monthly Bank Reconciliations – the clerk/treasurer did not reconcile the library’s ledgers in a timely manner throughout 2004 and 2005 and the reconciliations were not reviewed by the board.
The cost of the audit nearly doubled compared to the previous audit due to the condition of the library’s ledgers and multiple posting errors. Auditors also had a difficult time obtaining certain information in a timely manner.
A complete copy of the audit is available on-line at http://www.auditor.state.oh.us/AuditSearch/Reports/2007/Bucyrus_Public_Library_05-Crawford.pdf