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Ulrich audit flags reconciliation and policy gaps; staff outlines corrective actions
Summary
Ulrich & Associates’ annual accountants report noted reconciliation errors, dated postings and overdue items on reconciliations; staff said they will work with their accountant to correct dates, clear old checks and draft a policy manual to improve fraud-risk scores.
Rush Valley officials reviewed the Ulrich & Associates annual accountants report for fiscal 07/01/2024–06/30/2025 and discussed several audit findings and recommended corrective steps.
The auditors reported that bank reconciliations did not match the general-ledger balance because transactions were posted to incorrect dates and some transactions were posted after the reconciliation had been completed. The report also listed several reconciling items older than six months and recommended the town review and clear outdated transactions and avoid posting to a prior month after reconciliation.
Town staff said they are working with their accounting contact (Heather) to standardize date entries in QuickBooks to avoid entering transactions into reconciled months. The clerk (speaker 7) said the town will begin mailing checks to recipients to reduce the number of reissued lost checks and will work with accounting to clear old items, possibly using journal entries to avoid distorting budgets.
The audit also noted a procedural finding that the town failed to give the required seven days' notice before the original budget adoption hearing in June 2024; staff said the amended 2025 budget notice was timely posted and vowed to provide two weeks' notice going forward to avoid ambiguity about counting weekends. The auditors’ fraud-risk assessment found missing or hard-to-reference policies and recommended a detailed, easy-to-reference policy manual, training, and posting a fraud hotline; staff said they have begun drafting policies with a consultant and plan to bring one policy per meeting for council review.
