FAC Explorer

Audit 26186

FY End
2022-06-30
Total Expended
$1.70M
Findings
2
Programs
2
Organization: Assist, Inc. (UT)
Year: 2022 Accepted: 2023-02-09
Auditor: Fj & Associates PLLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
22787 2022-001 Material Weakness - P
599229 2022-001 Material Weakness - P

Programs

ALN Program Spent Major Findings
14.218 Community Development Block Grants/entitlement Grants $700,000 Yes 1
14.239 Home Investment Partnerships Program $150,000 - 0

Contacts

Name Title Type
ZD5UJZ3CN6B5 Jason Wheeler Auditee
8013557085 Scott Farnes Auditor
No contacts on file

Notes to SEFA

Accounting Policies: 1. Basis of PresentationThe accompanying schedule of expenditures of federal awards (the schedule) includes the federal awardactivities of Assist, Inc. (Assist) under programs of the federal government for the year ended June 30,2022. The information is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative requirements, Cost Principles, and Audit Requirements forFederal Awards (Uniform Guidance). Because the schedule presents only a selected portion of theoperations of Assist, Inc., it is not intended to and does not present the financial position, changes in netassets, or cash flows of Assist, Inc.2. Summary of Significant Accounting PoliciesExpenditures reported in the schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. No federal financial assistance has beenprovided to a subrecipient.3. Indirect Cost RateThe Organization has not elected to use the 10% de minimis cost rate. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.

Finding Details

Finding 2022-001
2022-001 Internal Controls Criteria: Internal controls should be in place to ensure general ledger balances and external financial reporting conforms to generally accepted accounting principles and the Organization's accounting policies. Condition: Cash, and accounts payable were both overstated by $207,028. Cause: Reconciliation procedures of the financials were not sufficient to identify the differences in a timely manner. Effect: Potential exists for misstatement to the financial statements. Recommendation: It is recommended that management review policies and procedures to ensure that reconciliations of the balances are being performed regularly, in addition to ensuring that all year and closing entries are supported by appropriate documentation. This reconciliation process is a component of internal controls over the accounting process. Auditee Response: Discovered this error internally and promptly notified the auditor. This was a one-time event. The mistake was discovered during an internal review of the financial statements as part of the internal controls before the audit was submitted to governing organizations. Necessary steps have been taken to rectify this oversight.
Finding 2022-001
2022-001 Internal Controls Criteria: Internal controls should be in place to ensure general ledger balances and external financial reporting conforms to generally accepted accounting principles and the Organization's accounting policies. Condition: Cash, and accounts payable were both overstated by $207,028. Cause: Reconciliation procedures of the financials were not sufficient to identify the differences in a timely manner. Effect: Potential exists for misstatement to the financial statements. Recommendation: It is recommended that management review policies and procedures to ensure that reconciliations of the balances are being performed regularly, in addition to ensuring that all year and closing entries are supported by appropriate documentation. This reconciliation process is a component of internal controls over the accounting process. Auditee Response: Discovered this error internally and promptly notified the auditor. This was a one-time event. The mistake was discovered during an internal review of the financial statements as part of the internal controls before the audit was submitted to governing organizations. Necessary steps have been taken to rectify this oversight.