2022 ? 001: Audit Adjustments Type of Finding: ? Material Weakness in Internal Control over Financial Reporting Condition: The board and management share the ultimate responsibility for the School's internal control system. While it is acceptable to outsource various accounting functions, the responsibility for internal control cannot be outsourced. A significant audit adjustment was proposed and posted through the audit process. This adjustment was a necessary step in ensuring the financial statements were fairly stated in accordance with accounting principles generally accepted in the United States of America. Criteria or Specific Requirement: In an ideal control setting, the School would have a comprehensive control procedure to ensure that the financial statements, including disclosures are complete and accurate. Such review procedures should be performed by an individual possessing a thorough understanding of applicable accounting principles generally accepted in the United States of America. Effect: It is possible that a misstatement of the School's financial statements could occur and not be prevented or detected by the School's internal control. Cause: The School?s controls were not able to detect the adjustment made as part of the audit. The School does not have a comprehensive review process to ensure that the financial statements, including disclosures, are complete and accurate. Repeat Finding: No Recommendation: We recommend the board and management work with their bookkeeping company to develop a process to review and identify such items in a timely manner. Views of Responsible Officials and Planned Corrective Actions: There is no disagreement with the audit finding.
2022 ? 001: Audit Adjustments Type of Finding: ? Material Weakness in Internal Control over Financial Reporting Condition: The board and management share the ultimate responsibility for the School's internal control system. While it is acceptable to outsource various accounting functions, the responsibility for internal control cannot be outsourced. A significant audit adjustment was proposed and posted through the audit process. This adjustment was a necessary step in ensuring the financial statements were fairly stated in accordance with accounting principles generally accepted in the United States of America. Criteria or Specific Requirement: In an ideal control setting, the School would have a comprehensive control procedure to ensure that the financial statements, including disclosures are complete and accurate. Such review procedures should be performed by an individual possessing a thorough understanding of applicable accounting principles generally accepted in the United States of America. Effect: It is possible that a misstatement of the School's financial statements could occur and not be prevented or detected by the School's internal control. Cause: The School?s controls were not able to detect the adjustment made as part of the audit. The School does not have a comprehensive review process to ensure that the financial statements, including disclosures, are complete and accurate. Repeat Finding: No Recommendation: We recommend the board and management work with their bookkeeping company to develop a process to review and identify such items in a timely manner. Views of Responsible Officials and Planned Corrective Actions: There is no disagreement with the audit finding.
2022 ? 001: Audit Adjustments Type of Finding: ? Material Weakness in Internal Control over Financial Reporting Condition: The board and management share the ultimate responsibility for the School's internal control system. While it is acceptable to outsource various accounting functions, the responsibility for internal control cannot be outsourced. A significant audit adjustment was proposed and posted through the audit process. This adjustment was a necessary step in ensuring the financial statements were fairly stated in accordance with accounting principles generally accepted in the United States of America. Criteria or Specific Requirement: In an ideal control setting, the School would have a comprehensive control procedure to ensure that the financial statements, including disclosures are complete and accurate. Such review procedures should be performed by an individual possessing a thorough understanding of applicable accounting principles generally accepted in the United States of America. Effect: It is possible that a misstatement of the School's financial statements could occur and not be prevented or detected by the School's internal control. Cause: The School?s controls were not able to detect the adjustment made as part of the audit. The School does not have a comprehensive review process to ensure that the financial statements, including disclosures, are complete and accurate. Repeat Finding: No Recommendation: We recommend the board and management work with their bookkeeping company to develop a process to review and identify such items in a timely manner. Views of Responsible Officials and Planned Corrective Actions: There is no disagreement with the audit finding.
2022 ? 001: Audit Adjustments Type of Finding: ? Material Weakness in Internal Control over Financial Reporting Condition: The board and management share the ultimate responsibility for the School's internal control system. While it is acceptable to outsource various accounting functions, the responsibility for internal control cannot be outsourced. A significant audit adjustment was proposed and posted through the audit process. This adjustment was a necessary step in ensuring the financial statements were fairly stated in accordance with accounting principles generally accepted in the United States of America. Criteria or Specific Requirement: In an ideal control setting, the School would have a comprehensive control procedure to ensure that the financial statements, including disclosures are complete and accurate. Such review procedures should be performed by an individual possessing a thorough understanding of applicable accounting principles generally accepted in the United States of America. Effect: It is possible that a misstatement of the School's financial statements could occur and not be prevented or detected by the School's internal control. Cause: The School?s controls were not able to detect the adjustment made as part of the audit. The School does not have a comprehensive review process to ensure that the financial statements, including disclosures, are complete and accurate. Repeat Finding: No Recommendation: We recommend the board and management work with their bookkeeping company to develop a process to review and identify such items in a timely manner. Views of Responsible Officials and Planned Corrective Actions: There is no disagreement with the audit finding.
2022 ? 001: Audit Adjustments Type of Finding: ? Material Weakness in Internal Control over Financial Reporting Condition: The board and management share the ultimate responsibility for the School's internal control system. While it is acceptable to outsource various accounting functions, the responsibility for internal control cannot be outsourced. A significant audit adjustment was proposed and posted through the audit process. This adjustment was a necessary step in ensuring the financial statements were fairly stated in accordance with accounting principles generally accepted in the United States of America. Criteria or Specific Requirement: In an ideal control setting, the School would have a comprehensive control procedure to ensure that the financial statements, including disclosures are complete and accurate. Such review procedures should be performed by an individual possessing a thorough understanding of applicable accounting principles generally accepted in the United States of America. Effect: It is possible that a misstatement of the School's financial statements could occur and not be prevented or detected by the School's internal control. Cause: The School?s controls were not able to detect the adjustment made as part of the audit. The School does not have a comprehensive review process to ensure that the financial statements, including disclosures, are complete and accurate. Repeat Finding: No Recommendation: We recommend the board and management work with their bookkeeping company to develop a process to review and identify such items in a timely manner. Views of Responsible Officials and Planned Corrective Actions: There is no disagreement with the audit finding.
2022 ? 001: Audit Adjustments Type of Finding: ? Material Weakness in Internal Control over Financial Reporting Condition: The board and management share the ultimate responsibility for the School's internal control system. While it is acceptable to outsource various accounting functions, the responsibility for internal control cannot be outsourced. A significant audit adjustment was proposed and posted through the audit process. This adjustment was a necessary step in ensuring the financial statements were fairly stated in accordance with accounting principles generally accepted in the United States of America. Criteria or Specific Requirement: In an ideal control setting, the School would have a comprehensive control procedure to ensure that the financial statements, including disclosures are complete and accurate. Such review procedures should be performed by an individual possessing a thorough understanding of applicable accounting principles generally accepted in the United States of America. Effect: It is possible that a misstatement of the School's financial statements could occur and not be prevented or detected by the School's internal control. Cause: The School?s controls were not able to detect the adjustment made as part of the audit. The School does not have a comprehensive review process to ensure that the financial statements, including disclosures, are complete and accurate. Repeat Finding: No Recommendation: We recommend the board and management work with their bookkeeping company to develop a process to review and identify such items in a timely manner. Views of Responsible Officials and Planned Corrective Actions: There is no disagreement with the audit finding.
2022 ? 001: Audit Adjustments Type of Finding: ? Material Weakness in Internal Control over Financial Reporting Condition: The board and management share the ultimate responsibility for the School's internal control system. While it is acceptable to outsource various accounting functions, the responsibility for internal control cannot be outsourced. A significant audit adjustment was proposed and posted through the audit process. This adjustment was a necessary step in ensuring the financial statements were fairly stated in accordance with accounting principles generally accepted in the United States of America. Criteria or Specific Requirement: In an ideal control setting, the School would have a comprehensive control procedure to ensure that the financial statements, including disclosures are complete and accurate. Such review procedures should be performed by an individual possessing a thorough understanding of applicable accounting principles generally accepted in the United States of America. Effect: It is possible that a misstatement of the School's financial statements could occur and not be prevented or detected by the School's internal control. Cause: The School?s controls were not able to detect the adjustment made as part of the audit. The School does not have a comprehensive review process to ensure that the financial statements, including disclosures, are complete and accurate. Repeat Finding: No Recommendation: We recommend the board and management work with their bookkeeping company to develop a process to review and identify such items in a timely manner. Views of Responsible Officials and Planned Corrective Actions: There is no disagreement with the audit finding.
2022 ? 001: Audit Adjustments Type of Finding: ? Material Weakness in Internal Control over Financial Reporting Condition: The board and management share the ultimate responsibility for the School's internal control system. While it is acceptable to outsource various accounting functions, the responsibility for internal control cannot be outsourced. A significant audit adjustment was proposed and posted through the audit process. This adjustment was a necessary step in ensuring the financial statements were fairly stated in accordance with accounting principles generally accepted in the United States of America. Criteria or Specific Requirement: In an ideal control setting, the School would have a comprehensive control procedure to ensure that the financial statements, including disclosures are complete and accurate. Such review procedures should be performed by an individual possessing a thorough understanding of applicable accounting principles generally accepted in the United States of America. Effect: It is possible that a misstatement of the School's financial statements could occur and not be prevented or detected by the School's internal control. Cause: The School?s controls were not able to detect the adjustment made as part of the audit. The School does not have a comprehensive review process to ensure that the financial statements, including disclosures, are complete and accurate. Repeat Finding: No Recommendation: We recommend the board and management work with their bookkeeping company to develop a process to review and identify such items in a timely manner. Views of Responsible Officials and Planned Corrective Actions: There is no disagreement with the audit finding.