FAC Explorer

Audit 22847

FY End
2022-12-31
Total Expended
$1.65M
Findings
2
Programs
1
Organization: Wisconsin School of Professional Psychology, Inc. (WI)
Year: 2022 Accepted: 2023-04-09
Auditor: Sitzberger & Company LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
21028 2022-001 Significant Deficiency Yes N
597470 2022-001 Significant Deficiency Yes N

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $1.65M Yes 1

Contacts

Name Title Type
FSS40979JKW7 Kathleen Rusch, Ph.d. Auditee
4144649777 Christopher Tallmadge Auditor
No contacts on file

Notes to SEFA

Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.

Finding Details

Finding 2022-001
ondition: The audited financial statements and the accompanying footnote disclosures were prepared by the auditors. Criteria: It is the responsibility of management to prepare the financials and related disclosures to be audited. This criteria is derived from the audit engagement letter and demonstrates the general proficiency over financial reporting. . Cause: Employees at Wisconsin School of Professional Psychology, Inc. do not have experience preparing financial statements and disclosures in accordance with generally accepted accounting principles in the United States. Effect: Without staff knowledgeable about the preparation of financial statements in accordance with generally acceptable accounting principles, there may be material misstatements in the financials or disclosures that would not be prevented or detected in a timely manner. Recommendation: It is not cost effective for the auditee to employ additional personnel solely for financial reporting purposes. Therefore, the School should continue to utilize the financial expertise of their contracted bookkeeping service performed by CPAs. Management Response: The School will continue to use a CPA bookkeeping service.
Finding 2022-001
ondition: The audited financial statements and the accompanying footnote disclosures were prepared by the auditors. Criteria: It is the responsibility of management to prepare the financials and related disclosures to be audited. This criteria is derived from the audit engagement letter and demonstrates the general proficiency over financial reporting. . Cause: Employees at Wisconsin School of Professional Psychology, Inc. do not have experience preparing financial statements and disclosures in accordance with generally accepted accounting principles in the United States. Effect: Without staff knowledgeable about the preparation of financial statements in accordance with generally acceptable accounting principles, there may be material misstatements in the financials or disclosures that would not be prevented or detected in a timely manner. Recommendation: It is not cost effective for the auditee to employ additional personnel solely for financial reporting purposes. Therefore, the School should continue to utilize the financial expertise of their contracted bookkeeping service performed by CPAs. Management Response: The School will continue to use a CPA bookkeeping service.