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PENINSULA AIRPORT COMMISSION
SCHEDULE OF FINDINGS AND RESPONSES
YEAR ENDED JUNE 30, 2025
56
ended June 30, 2025, further staff reductions were necessary in light of budget and other funding constraints.
Significant redistribution of control processes and accounting activity assignments were required as part of the
staff reductions. With management’s endorsement and support, many accounting transaction processing tasks
have been turned over to staff not directly involved in the finance department. The processing time formerly
required by the finance department staff is now available for training of non-finance department associates. A side
benefit found from this new structure is the staff members not formerly associated with finance activities proved
to have knowledge of airport operations which is directly beneficial to understanding the financial transactions.
The time burden for these other staff members ended up being less than predicted. The new responsibilities are
considered a good control procedure for these accounting control reconciliations and reviews. Having more airport
staff involved leads to a natural separation of duties and additional independent sets of eyes on the process. By
having more staff involved, it was determined no incompatible process assignments related to journal entry posting
or accounting reconciliation controls will be an issue once the plan is fully implemented.
The process of training and allowance for the time necessary to gain the necessary experience is expected to be
lengthy. To achieve the fully desired segregation of accounting duties assigned to the identified non-finance staff
associates is best handled in a “get it right the first time” objective. The final system design will be handled by the
Chief Finance Officer with the review of appropriateness as to assignment of duties managed by the Acting Airport
Executive Director. All cross-training and personnel assignments are expected to be in place by July 1, 2026.
B.
Findings and Questions Costs Related to Passenger Facility Charges
None reported
C.
Findings and Questioned Costs Relating to Compliance with Commonwealth of Virginia Laws,
Regulations, Contacts, and Grants
None reported
D.
Status of Prior Year Findings
Finding 2024-001 repeated as finding 2025-001.
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