Finding 2023-002: Account Reconciliations and Financial Statement Close Process
Information on the Federal Program: All
Criteria: As noted in 2 CFR §200.303 "The non-Federal entity must establish and maintain effective
internal control over the Federal award that provides reasonable assurance that the non-Federal
entity is managing the Federal award in compliance with Federal statutes, regulations, and the terms
and conditions of the Federal award. These internal controls should be in compliance with guidance
in "Standards for Internal Control in the Federal Government" issued by the Comptroller General of
the United States or the "Internal Control Integrated Framework", issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO)".
Condition: During our audit, we noted multiple asset, liability, revenue and expense accounts were
not reconciled on a monthly basis during the fiscal year, nor were they appropriately and timely
reconciled for the audit. This resulted in significant audit delays.
Cause: Grameen had significant turnover within the accounting department during the fiscal year
ended June 30, 2023.
Effect or Potential Effect: Without the proper reconciliation of all accounts on a monthly basis, in a
timely manner, as well as the proper review and approval of such reconciliations, there exists the
potential for reporting and the misappropriation of funds. Additionally, as a result of these delays,
Grameen did not submit the Data Collection Form in time to be in compliance with the due date of
March 31, 2024.
Questioned costs: None noted.
Context: Our audit procedures consisted of testwork completed on various asset, liability, revenue
and expense account balances. We consider our sample and testing to be representative of the
population.
Identification as a Repeat Finding, if Applicable: Not a repeat finding.
Recommendation: We recommend that all accounts be reconciled on a monthly basis throughout
the year. These reconciliations should be reviewed in detail by an appropriate member of
management for accuracy and completeness, as well as to investigate any unusual or significant old
reconciling items that may require additional research and/or adjustment. All reviews should be
completed in a timely manner.
Finding 2023-002: Account Reconciliations and Financial Statement Close Process
Information on the Federal Program: All
Criteria: As noted in 2 CFR §200.303 "The non-Federal entity must establish and maintain effective
internal control over the Federal award that provides reasonable assurance that the non-Federal
entity is managing the Federal award in compliance with Federal statutes, regulations, and the terms
and conditions of the Federal award. These internal controls should be in compliance with guidance
in "Standards for Internal Control in the Federal Government" issued by the Comptroller General of
the United States or the "Internal Control Integrated Framework", issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO)".
Condition: During our audit, we noted multiple asset, liability, revenue and expense accounts were
not reconciled on a monthly basis during the fiscal year, nor were they appropriately and timely
reconciled for the audit. This resulted in significant audit delays.
Cause: Grameen had significant turnover within the accounting department during the fiscal year
ended June 30, 2023.
Effect or Potential Effect: Without the proper reconciliation of all accounts on a monthly basis, in a
timely manner, as well as the proper review and approval of such reconciliations, there exists the
potential for reporting and the misappropriation of funds. Additionally, as a result of these delays,
Grameen did not submit the Data Collection Form in time to be in compliance with the due date of
March 31, 2024.
Questioned costs: None noted.
Context: Our audit procedures consisted of testwork completed on various asset, liability, revenue
and expense account balances. We consider our sample and testing to be representative of the
population.
Identification as a Repeat Finding, if Applicable: Not a repeat finding.
Recommendation: We recommend that all accounts be reconciled on a monthly basis throughout
the year. These reconciliations should be reviewed in detail by an appropriate member of
management for accuracy and completeness, as well as to investigate any unusual or significant old
reconciling items that may require additional research and/or adjustment. All reviews should be
completed in a timely manner.
Finding 2023-002: Account Reconciliations and Financial Statement Close Process
Information on the Federal Program: All
Criteria: As noted in 2 CFR §200.303 "The non-Federal entity must establish and maintain effective
internal control over the Federal award that provides reasonable assurance that the non-Federal
entity is managing the Federal award in compliance with Federal statutes, regulations, and the terms
and conditions of the Federal award. These internal controls should be in compliance with guidance
in "Standards for Internal Control in the Federal Government" issued by the Comptroller General of
the United States or the "Internal Control Integrated Framework", issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO)".
Condition: During our audit, we noted multiple asset, liability, revenue and expense accounts were
not reconciled on a monthly basis during the fiscal year, nor were they appropriately and timely
reconciled for the audit. This resulted in significant audit delays.
Cause: Grameen had significant turnover within the accounting department during the fiscal year
ended June 30, 2023.
Effect or Potential Effect: Without the proper reconciliation of all accounts on a monthly basis, in a
timely manner, as well as the proper review and approval of such reconciliations, there exists the
potential for reporting and the misappropriation of funds. Additionally, as a result of these delays,
Grameen did not submit the Data Collection Form in time to be in compliance with the due date of
March 31, 2024.
Questioned costs: None noted.
Context: Our audit procedures consisted of testwork completed on various asset, liability, revenue
and expense account balances. We consider our sample and testing to be representative of the
population.
Identification as a Repeat Finding, if Applicable: Not a repeat finding.
Recommendation: We recommend that all accounts be reconciled on a monthly basis throughout
the year. These reconciliations should be reviewed in detail by an appropriate member of
management for accuracy and completeness, as well as to investigate any unusual or significant old
reconciling items that may require additional research and/or adjustment. All reviews should be
completed in a timely manner.
Finding 2023-002: Account Reconciliations and Financial Statement Close Process
Information on the Federal Program: All
Criteria: As noted in 2 CFR §200.303 "The non-Federal entity must establish and maintain effective
internal control over the Federal award that provides reasonable assurance that the non-Federal
entity is managing the Federal award in compliance with Federal statutes, regulations, and the terms
and conditions of the Federal award. These internal controls should be in compliance with guidance
in "Standards for Internal Control in the Federal Government" issued by the Comptroller General of
the United States or the "Internal Control Integrated Framework", issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO)".
Condition: During our audit, we noted multiple asset, liability, revenue and expense accounts were
not reconciled on a monthly basis during the fiscal year, nor were they appropriately and timely
reconciled for the audit. This resulted in significant audit delays.
Cause: Grameen had significant turnover within the accounting department during the fiscal year
ended June 30, 2023.
Effect or Potential Effect: Without the proper reconciliation of all accounts on a monthly basis, in a
timely manner, as well as the proper review and approval of such reconciliations, there exists the
potential for reporting and the misappropriation of funds. Additionally, as a result of these delays,
Grameen did not submit the Data Collection Form in time to be in compliance with the due date of
March 31, 2024.
Questioned costs: None noted.
Context: Our audit procedures consisted of testwork completed on various asset, liability, revenue
and expense account balances. We consider our sample and testing to be representative of the
population.
Identification as a Repeat Finding, if Applicable: Not a repeat finding.
Recommendation: We recommend that all accounts be reconciled on a monthly basis throughout
the year. These reconciliations should be reviewed in detail by an appropriate member of
management for accuracy and completeness, as well as to investigate any unusual or significant old
reconciling items that may require additional research and/or adjustment. All reviews should be
completed in a timely manner.
Finding 2023-002: Account Reconciliations and Financial Statement Close Process
Information on the Federal Program: All
Criteria: As noted in 2 CFR §200.303 "The non-Federal entity must establish and maintain effective
internal control over the Federal award that provides reasonable assurance that the non-Federal
entity is managing the Federal award in compliance with Federal statutes, regulations, and the terms
and conditions of the Federal award. These internal controls should be in compliance with guidance
in "Standards for Internal Control in the Federal Government" issued by the Comptroller General of
the United States or the "Internal Control Integrated Framework", issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO)".
Condition: During our audit, we noted multiple asset, liability, revenue and expense accounts were
not reconciled on a monthly basis during the fiscal year, nor were they appropriately and timely
reconciled for the audit. This resulted in significant audit delays.
Cause: Grameen had significant turnover within the accounting department during the fiscal year
ended June 30, 2023.
Effect or Potential Effect: Without the proper reconciliation of all accounts on a monthly basis, in a
timely manner, as well as the proper review and approval of such reconciliations, there exists the
potential for reporting and the misappropriation of funds. Additionally, as a result of these delays,
Grameen did not submit the Data Collection Form in time to be in compliance with the due date of
March 31, 2024.
Questioned costs: None noted.
Context: Our audit procedures consisted of testwork completed on various asset, liability, revenue
and expense account balances. We consider our sample and testing to be representative of the
population.
Identification as a Repeat Finding, if Applicable: Not a repeat finding.
Recommendation: We recommend that all accounts be reconciled on a monthly basis throughout
the year. These reconciliations should be reviewed in detail by an appropriate member of
management for accuracy and completeness, as well as to investigate any unusual or significant old
reconciling items that may require additional research and/or adjustment. All reviews should be
completed in a timely manner.
Finding 2023-002: Account Reconciliations and Financial Statement Close Process
Information on the Federal Program: All
Criteria: As noted in 2 CFR §200.303 "The non-Federal entity must establish and maintain effective
internal control over the Federal award that provides reasonable assurance that the non-Federal
entity is managing the Federal award in compliance with Federal statutes, regulations, and the terms
and conditions of the Federal award. These internal controls should be in compliance with guidance
in "Standards for Internal Control in the Federal Government" issued by the Comptroller General of
the United States or the "Internal Control Integrated Framework", issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO)".
Condition: During our audit, we noted multiple asset, liability, revenue and expense accounts were
not reconciled on a monthly basis during the fiscal year, nor were they appropriately and timely
reconciled for the audit. This resulted in significant audit delays.
Cause: Grameen had significant turnover within the accounting department during the fiscal year
ended June 30, 2023.
Effect or Potential Effect: Without the proper reconciliation of all accounts on a monthly basis, in a
timely manner, as well as the proper review and approval of such reconciliations, there exists the
potential for reporting and the misappropriation of funds. Additionally, as a result of these delays,
Grameen did not submit the Data Collection Form in time to be in compliance with the due date of
March 31, 2024.
Questioned costs: None noted.
Context: Our audit procedures consisted of testwork completed on various asset, liability, revenue
and expense account balances. We consider our sample and testing to be representative of the
population.
Identification as a Repeat Finding, if Applicable: Not a repeat finding.
Recommendation: We recommend that all accounts be reconciled on a monthly basis throughout
the year. These reconciliations should be reviewed in detail by an appropriate member of
management for accuracy and completeness, as well as to investigate any unusual or significant old
reconciling items that may require additional research and/or adjustment. All reviews should be
completed in a timely manner.
Finding 2023-002: Account Reconciliations and Financial Statement Close Process
Information on the Federal Program: All
Criteria: As noted in 2 CFR §200.303 "The non-Federal entity must establish and maintain effective
internal control over the Federal award that provides reasonable assurance that the non-Federal
entity is managing the Federal award in compliance with Federal statutes, regulations, and the terms
and conditions of the Federal award. These internal controls should be in compliance with guidance
in "Standards for Internal Control in the Federal Government" issued by the Comptroller General of
the United States or the "Internal Control Integrated Framework", issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO)".
Condition: During our audit, we noted multiple asset, liability, revenue and expense accounts were
not reconciled on a monthly basis during the fiscal year, nor were they appropriately and timely
reconciled for the audit. This resulted in significant audit delays.
Cause: Grameen had significant turnover within the accounting department during the fiscal year
ended June 30, 2023.
Effect or Potential Effect: Without the proper reconciliation of all accounts on a monthly basis, in a
timely manner, as well as the proper review and approval of such reconciliations, there exists the
potential for reporting and the misappropriation of funds. Additionally, as a result of these delays,
Grameen did not submit the Data Collection Form in time to be in compliance with the due date of
March 31, 2024.
Questioned costs: None noted.
Context: Our audit procedures consisted of testwork completed on various asset, liability, revenue
and expense account balances. We consider our sample and testing to be representative of the
population.
Identification as a Repeat Finding, if Applicable: Not a repeat finding.
Recommendation: We recommend that all accounts be reconciled on a monthly basis throughout
the year. These reconciliations should be reviewed in detail by an appropriate member of
management for accuracy and completeness, as well as to investigate any unusual or significant old
reconciling items that may require additional research and/or adjustment. All reviews should be
completed in a timely manner.
Finding 2023-002: Account Reconciliations and Financial Statement Close Process
Information on the Federal Program: All
Criteria: As noted in 2 CFR §200.303 "The non-Federal entity must establish and maintain effective
internal control over the Federal award that provides reasonable assurance that the non-Federal
entity is managing the Federal award in compliance with Federal statutes, regulations, and the terms
and conditions of the Federal award. These internal controls should be in compliance with guidance
in "Standards for Internal Control in the Federal Government" issued by the Comptroller General of
the United States or the "Internal Control Integrated Framework", issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO)".
Condition: During our audit, we noted multiple asset, liability, revenue and expense accounts were
not reconciled on a monthly basis during the fiscal year, nor were they appropriately and timely
reconciled for the audit. This resulted in significant audit delays.
Cause: Grameen had significant turnover within the accounting department during the fiscal year
ended June 30, 2023.
Effect or Potential Effect: Without the proper reconciliation of all accounts on a monthly basis, in a
timely manner, as well as the proper review and approval of such reconciliations, there exists the
potential for reporting and the misappropriation of funds. Additionally, as a result of these delays,
Grameen did not submit the Data Collection Form in time to be in compliance with the due date of
March 31, 2024.
Questioned costs: None noted.
Context: Our audit procedures consisted of testwork completed on various asset, liability, revenue
and expense account balances. We consider our sample and testing to be representative of the
population.
Identification as a Repeat Finding, if Applicable: Not a repeat finding.
Recommendation: We recommend that all accounts be reconciled on a monthly basis throughout
the year. These reconciliations should be reviewed in detail by an appropriate member of
management for accuracy and completeness, as well as to investigate any unusual or significant old
reconciling items that may require additional research and/or adjustment. All reviews should be
completed in a timely manner.
Finding 2023-002: Account Reconciliations and Financial Statement Close Process
Information on the Federal Program: All
Criteria: As noted in 2 CFR §200.303 "The non-Federal entity must establish and maintain effective
internal control over the Federal award that provides reasonable assurance that the non-Federal
entity is managing the Federal award in compliance with Federal statutes, regulations, and the terms
and conditions of the Federal award. These internal controls should be in compliance with guidance
in "Standards for Internal Control in the Federal Government" issued by the Comptroller General of
the United States or the "Internal Control Integrated Framework", issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO)".
Condition: During our audit, we noted multiple asset, liability, revenue and expense accounts were
not reconciled on a monthly basis during the fiscal year, nor were they appropriately and timely
reconciled for the audit. This resulted in significant audit delays.
Cause: Grameen had significant turnover within the accounting department during the fiscal year
ended June 30, 2023.
Effect or Potential Effect: Without the proper reconciliation of all accounts on a monthly basis, in a
timely manner, as well as the proper review and approval of such reconciliations, there exists the
potential for reporting and the misappropriation of funds. Additionally, as a result of these delays,
Grameen did not submit the Data Collection Form in time to be in compliance with the due date of
March 31, 2024.
Questioned costs: None noted.
Context: Our audit procedures consisted of testwork completed on various asset, liability, revenue
and expense account balances. We consider our sample and testing to be representative of the
population.
Identification as a Repeat Finding, if Applicable: Not a repeat finding.
Recommendation: We recommend that all accounts be reconciled on a monthly basis throughout
the year. These reconciliations should be reviewed in detail by an appropriate member of
management for accuracy and completeness, as well as to investigate any unusual or significant old
reconciling items that may require additional research and/or adjustment. All reviews should be
completed in a timely manner.
Finding 2023-002: Account Reconciliations and Financial Statement Close Process
Information on the Federal Program: All
Criteria: As noted in 2 CFR §200.303 "The non-Federal entity must establish and maintain effective
internal control over the Federal award that provides reasonable assurance that the non-Federal
entity is managing the Federal award in compliance with Federal statutes, regulations, and the terms
and conditions of the Federal award. These internal controls should be in compliance with guidance
in "Standards for Internal Control in the Federal Government" issued by the Comptroller General of
the United States or the "Internal Control Integrated Framework", issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO)".
Condition: During our audit, we noted multiple asset, liability, revenue and expense accounts were
not reconciled on a monthly basis during the fiscal year, nor were they appropriately and timely
reconciled for the audit. This resulted in significant audit delays.
Cause: Grameen had significant turnover within the accounting department during the fiscal year
ended June 30, 2023.
Effect or Potential Effect: Without the proper reconciliation of all accounts on a monthly basis, in a
timely manner, as well as the proper review and approval of such reconciliations, there exists the
potential for reporting and the misappropriation of funds. Additionally, as a result of these delays,
Grameen did not submit the Data Collection Form in time to be in compliance with the due date of
March 31, 2024.
Questioned costs: None noted.
Context: Our audit procedures consisted of testwork completed on various asset, liability, revenue
and expense account balances. We consider our sample and testing to be representative of the
population.
Identification as a Repeat Finding, if Applicable: Not a repeat finding.
Recommendation: We recommend that all accounts be reconciled on a monthly basis throughout
the year. These reconciliations should be reviewed in detail by an appropriate member of
management for accuracy and completeness, as well as to investigate any unusual or significant old
reconciling items that may require additional research and/or adjustment. All reviews should be
completed in a timely manner.
Finding 2023-002: Account Reconciliations and Financial Statement Close Process
Information on the Federal Program: All
Criteria: As noted in 2 CFR §200.303 "The non-Federal entity must establish and maintain effective
internal control over the Federal award that provides reasonable assurance that the non-Federal
entity is managing the Federal award in compliance with Federal statutes, regulations, and the terms
and conditions of the Federal award. These internal controls should be in compliance with guidance
in "Standards for Internal Control in the Federal Government" issued by the Comptroller General of
the United States or the "Internal Control Integrated Framework", issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO)".
Condition: During our audit, we noted multiple asset, liability, revenue and expense accounts were
not reconciled on a monthly basis during the fiscal year, nor were they appropriately and timely
reconciled for the audit. This resulted in significant audit delays.
Cause: Grameen had significant turnover within the accounting department during the fiscal year
ended June 30, 2023.
Effect or Potential Effect: Without the proper reconciliation of all accounts on a monthly basis, in a
timely manner, as well as the proper review and approval of such reconciliations, there exists the
potential for reporting and the misappropriation of funds. Additionally, as a result of these delays,
Grameen did not submit the Data Collection Form in time to be in compliance with the due date of
March 31, 2024.
Questioned costs: None noted.
Context: Our audit procedures consisted of testwork completed on various asset, liability, revenue
and expense account balances. We consider our sample and testing to be representative of the
population.
Identification as a Repeat Finding, if Applicable: Not a repeat finding.
Recommendation: We recommend that all accounts be reconciled on a monthly basis throughout
the year. These reconciliations should be reviewed in detail by an appropriate member of
management for accuracy and completeness, as well as to investigate any unusual or significant old
reconciling items that may require additional research and/or adjustment. All reviews should be
completed in a timely manner.
Finding 2023-002: Account Reconciliations and Financial Statement Close Process
Information on the Federal Program: All
Criteria: As noted in 2 CFR §200.303 "The non-Federal entity must establish and maintain effective
internal control over the Federal award that provides reasonable assurance that the non-Federal
entity is managing the Federal award in compliance with Federal statutes, regulations, and the terms
and conditions of the Federal award. These internal controls should be in compliance with guidance
in "Standards for Internal Control in the Federal Government" issued by the Comptroller General of
the United States or the "Internal Control Integrated Framework", issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO)".
Condition: During our audit, we noted multiple asset, liability, revenue and expense accounts were
not reconciled on a monthly basis during the fiscal year, nor were they appropriately and timely
reconciled for the audit. This resulted in significant audit delays.
Cause: Grameen had significant turnover within the accounting department during the fiscal year
ended June 30, 2023.
Effect or Potential Effect: Without the proper reconciliation of all accounts on a monthly basis, in a
timely manner, as well as the proper review and approval of such reconciliations, there exists the
potential for reporting and the misappropriation of funds. Additionally, as a result of these delays,
Grameen did not submit the Data Collection Form in time to be in compliance with the due date of
March 31, 2024.
Questioned costs: None noted.
Context: Our audit procedures consisted of testwork completed on various asset, liability, revenue
and expense account balances. We consider our sample and testing to be representative of the
population.
Identification as a Repeat Finding, if Applicable: Not a repeat finding.
Recommendation: We recommend that all accounts be reconciled on a monthly basis throughout
the year. These reconciliations should be reviewed in detail by an appropriate member of
management for accuracy and completeness, as well as to investigate any unusual or significant old
reconciling items that may require additional research and/or adjustment. All reviews should be
completed in a timely manner.
Finding 2023-002: Account Reconciliations and Financial Statement Close Process
Information on the Federal Program: All
Criteria: As noted in 2 CFR §200.303 "The non-Federal entity must establish and maintain effective
internal control over the Federal award that provides reasonable assurance that the non-Federal
entity is managing the Federal award in compliance with Federal statutes, regulations, and the terms
and conditions of the Federal award. These internal controls should be in compliance with guidance
in "Standards for Internal Control in the Federal Government" issued by the Comptroller General of
the United States or the "Internal Control Integrated Framework", issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO)".
Condition: During our audit, we noted multiple asset, liability, revenue and expense accounts were
not reconciled on a monthly basis during the fiscal year, nor were they appropriately and timely
reconciled for the audit. This resulted in significant audit delays.
Cause: Grameen had significant turnover within the accounting department during the fiscal year
ended June 30, 2023.
Effect or Potential Effect: Without the proper reconciliation of all accounts on a monthly basis, in a
timely manner, as well as the proper review and approval of such reconciliations, there exists the
potential for reporting and the misappropriation of funds. Additionally, as a result of these delays,
Grameen did not submit the Data Collection Form in time to be in compliance with the due date of
March 31, 2024.
Questioned costs: None noted.
Context: Our audit procedures consisted of testwork completed on various asset, liability, revenue
and expense account balances. We consider our sample and testing to be representative of the
population.
Identification as a Repeat Finding, if Applicable: Not a repeat finding.
Recommendation: We recommend that all accounts be reconciled on a monthly basis throughout
the year. These reconciliations should be reviewed in detail by an appropriate member of
management for accuracy and completeness, as well as to investigate any unusual or significant old
reconciling items that may require additional research and/or adjustment. All reviews should be
completed in a timely manner.
Finding 2023-002: Account Reconciliations and Financial Statement Close Process
Information on the Federal Program: All
Criteria: As noted in 2 CFR §200.303 "The non-Federal entity must establish and maintain effective
internal control over the Federal award that provides reasonable assurance that the non-Federal
entity is managing the Federal award in compliance with Federal statutes, regulations, and the terms
and conditions of the Federal award. These internal controls should be in compliance with guidance
in "Standards for Internal Control in the Federal Government" issued by the Comptroller General of
the United States or the "Internal Control Integrated Framework", issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO)".
Condition: During our audit, we noted multiple asset, liability, revenue and expense accounts were
not reconciled on a monthly basis during the fiscal year, nor were they appropriately and timely
reconciled for the audit. This resulted in significant audit delays.
Cause: Grameen had significant turnover within the accounting department during the fiscal year
ended June 30, 2023.
Effect or Potential Effect: Without the proper reconciliation of all accounts on a monthly basis, in a
timely manner, as well as the proper review and approval of such reconciliations, there exists the
potential for reporting and the misappropriation of funds. Additionally, as a result of these delays,
Grameen did not submit the Data Collection Form in time to be in compliance with the due date of
March 31, 2024.
Questioned costs: None noted.
Context: Our audit procedures consisted of testwork completed on various asset, liability, revenue
and expense account balances. We consider our sample and testing to be representative of the
population.
Identification as a Repeat Finding, if Applicable: Not a repeat finding.
Recommendation: We recommend that all accounts be reconciled on a monthly basis throughout
the year. These reconciliations should be reviewed in detail by an appropriate member of
management for accuracy and completeness, as well as to investigate any unusual or significant old
reconciling items that may require additional research and/or adjustment. All reviews should be
completed in a timely manner.
Finding 2023-002: Account Reconciliations and Financial Statement Close Process
Information on the Federal Program: All
Criteria: As noted in 2 CFR §200.303 "The non-Federal entity must establish and maintain effective
internal control over the Federal award that provides reasonable assurance that the non-Federal
entity is managing the Federal award in compliance with Federal statutes, regulations, and the terms
and conditions of the Federal award. These internal controls should be in compliance with guidance
in "Standards for Internal Control in the Federal Government" issued by the Comptroller General of
the United States or the "Internal Control Integrated Framework", issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO)".
Condition: During our audit, we noted multiple asset, liability, revenue and expense accounts were
not reconciled on a monthly basis during the fiscal year, nor were they appropriately and timely
reconciled for the audit. This resulted in significant audit delays.
Cause: Grameen had significant turnover within the accounting department during the fiscal year
ended June 30, 2023.
Effect or Potential Effect: Without the proper reconciliation of all accounts on a monthly basis, in a
timely manner, as well as the proper review and approval of such reconciliations, there exists the
potential for reporting and the misappropriation of funds. Additionally, as a result of these delays,
Grameen did not submit the Data Collection Form in time to be in compliance with the due date of
March 31, 2024.
Questioned costs: None noted.
Context: Our audit procedures consisted of testwork completed on various asset, liability, revenue
and expense account balances. We consider our sample and testing to be representative of the
population.
Identification as a Repeat Finding, if Applicable: Not a repeat finding.
Recommendation: We recommend that all accounts be reconciled on a monthly basis throughout
the year. These reconciliations should be reviewed in detail by an appropriate member of
management for accuracy and completeness, as well as to investigate any unusual or significant old
reconciling items that may require additional research and/or adjustment. All reviews should be
completed in a timely manner.
Finding 2023-002: Account Reconciliations and Financial Statement Close Process
Information on the Federal Program: All
Criteria: As noted in 2 CFR §200.303 "The non-Federal entity must establish and maintain effective
internal control over the Federal award that provides reasonable assurance that the non-Federal
entity is managing the Federal award in compliance with Federal statutes, regulations, and the terms
and conditions of the Federal award. These internal controls should be in compliance with guidance
in "Standards for Internal Control in the Federal Government" issued by the Comptroller General of
the United States or the "Internal Control Integrated Framework", issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO)".
Condition: During our audit, we noted multiple asset, liability, revenue and expense accounts were
not reconciled on a monthly basis during the fiscal year, nor were they appropriately and timely
reconciled for the audit. This resulted in significant audit delays.
Cause: Grameen had significant turnover within the accounting department during the fiscal year
ended June 30, 2023.
Effect or Potential Effect: Without the proper reconciliation of all accounts on a monthly basis, in a
timely manner, as well as the proper review and approval of such reconciliations, there exists the
potential for reporting and the misappropriation of funds. Additionally, as a result of these delays,
Grameen did not submit the Data Collection Form in time to be in compliance with the due date of
March 31, 2024.
Questioned costs: None noted.
Context: Our audit procedures consisted of testwork completed on various asset, liability, revenue
and expense account balances. We consider our sample and testing to be representative of the
population.
Identification as a Repeat Finding, if Applicable: Not a repeat finding.
Recommendation: We recommend that all accounts be reconciled on a monthly basis throughout
the year. These reconciliations should be reviewed in detail by an appropriate member of
management for accuracy and completeness, as well as to investigate any unusual or significant old
reconciling items that may require additional research and/or adjustment. All reviews should be
completed in a timely manner.
Finding 2023-002: Account Reconciliations and Financial Statement Close Process
Information on the Federal Program: All
Criteria: As noted in 2 CFR §200.303 "The non-Federal entity must establish and maintain effective
internal control over the Federal award that provides reasonable assurance that the non-Federal
entity is managing the Federal award in compliance with Federal statutes, regulations, and the terms
and conditions of the Federal award. These internal controls should be in compliance with guidance
in "Standards for Internal Control in the Federal Government" issued by the Comptroller General of
the United States or the "Internal Control Integrated Framework", issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO)".
Condition: During our audit, we noted multiple asset, liability, revenue and expense accounts were
not reconciled on a monthly basis during the fiscal year, nor were they appropriately and timely
reconciled for the audit. This resulted in significant audit delays.
Cause: Grameen had significant turnover within the accounting department during the fiscal year
ended June 30, 2023.
Effect or Potential Effect: Without the proper reconciliation of all accounts on a monthly basis, in a
timely manner, as well as the proper review and approval of such reconciliations, there exists the
potential for reporting and the misappropriation of funds. Additionally, as a result of these delays,
Grameen did not submit the Data Collection Form in time to be in compliance with the due date of
March 31, 2024.
Questioned costs: None noted.
Context: Our audit procedures consisted of testwork completed on various asset, liability, revenue
and expense account balances. We consider our sample and testing to be representative of the
population.
Identification as a Repeat Finding, if Applicable: Not a repeat finding.
Recommendation: We recommend that all accounts be reconciled on a monthly basis throughout
the year. These reconciliations should be reviewed in detail by an appropriate member of
management for accuracy and completeness, as well as to investigate any unusual or significant old
reconciling items that may require additional research and/or adjustment. All reviews should be
completed in a timely manner.
Finding 2023-002: Account Reconciliations and Financial Statement Close Process
Information on the Federal Program: All
Criteria: As noted in 2 CFR §200.303 "The non-Federal entity must establish and maintain effective
internal control over the Federal award that provides reasonable assurance that the non-Federal
entity is managing the Federal award in compliance with Federal statutes, regulations, and the terms
and conditions of the Federal award. These internal controls should be in compliance with guidance
in "Standards for Internal Control in the Federal Government" issued by the Comptroller General of
the United States or the "Internal Control Integrated Framework", issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO)".
Condition: During our audit, we noted multiple asset, liability, revenue and expense accounts were
not reconciled on a monthly basis during the fiscal year, nor were they appropriately and timely
reconciled for the audit. This resulted in significant audit delays.
Cause: Grameen had significant turnover within the accounting department during the fiscal year
ended June 30, 2023.
Effect or Potential Effect: Without the proper reconciliation of all accounts on a monthly basis, in a
timely manner, as well as the proper review and approval of such reconciliations, there exists the
potential for reporting and the misappropriation of funds. Additionally, as a result of these delays,
Grameen did not submit the Data Collection Form in time to be in compliance with the due date of
March 31, 2024.
Questioned costs: None noted.
Context: Our audit procedures consisted of testwork completed on various asset, liability, revenue
and expense account balances. We consider our sample and testing to be representative of the
population.
Identification as a Repeat Finding, if Applicable: Not a repeat finding.
Recommendation: We recommend that all accounts be reconciled on a monthly basis throughout
the year. These reconciliations should be reviewed in detail by an appropriate member of
management for accuracy and completeness, as well as to investigate any unusual or significant old
reconciling items that may require additional research and/or adjustment. All reviews should be
completed in a timely manner.
Finding 2023-002: Account Reconciliations and Financial Statement Close Process
Information on the Federal Program: All
Criteria: As noted in 2 CFR §200.303 "The non-Federal entity must establish and maintain effective
internal control over the Federal award that provides reasonable assurance that the non-Federal
entity is managing the Federal award in compliance with Federal statutes, regulations, and the terms
and conditions of the Federal award. These internal controls should be in compliance with guidance
in "Standards for Internal Control in the Federal Government" issued by the Comptroller General of
the United States or the "Internal Control Integrated Framework", issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO)".
Condition: During our audit, we noted multiple asset, liability, revenue and expense accounts were
not reconciled on a monthly basis during the fiscal year, nor were they appropriately and timely
reconciled for the audit. This resulted in significant audit delays.
Cause: Grameen had significant turnover within the accounting department during the fiscal year
ended June 30, 2023.
Effect or Potential Effect: Without the proper reconciliation of all accounts on a monthly basis, in a
timely manner, as well as the proper review and approval of such reconciliations, there exists the
potential for reporting and the misappropriation of funds. Additionally, as a result of these delays,
Grameen did not submit the Data Collection Form in time to be in compliance with the due date of
March 31, 2024.
Questioned costs: None noted.
Context: Our audit procedures consisted of testwork completed on various asset, liability, revenue
and expense account balances. We consider our sample and testing to be representative of the
population.
Identification as a Repeat Finding, if Applicable: Not a repeat finding.
Recommendation: We recommend that all accounts be reconciled on a monthly basis throughout
the year. These reconciliations should be reviewed in detail by an appropriate member of
management for accuracy and completeness, as well as to investigate any unusual or significant old
reconciling items that may require additional research and/or adjustment. All reviews should be
completed in a timely manner.
Finding 2023-002: Account Reconciliations and Financial Statement Close Process
Information on the Federal Program: All
Criteria: As noted in 2 CFR §200.303 "The non-Federal entity must establish and maintain effective
internal control over the Federal award that provides reasonable assurance that the non-Federal
entity is managing the Federal award in compliance with Federal statutes, regulations, and the terms
and conditions of the Federal award. These internal controls should be in compliance with guidance
in "Standards for Internal Control in the Federal Government" issued by the Comptroller General of
the United States or the "Internal Control Integrated Framework", issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO)".
Condition: During our audit, we noted multiple asset, liability, revenue and expense accounts were
not reconciled on a monthly basis during the fiscal year, nor were they appropriately and timely
reconciled for the audit. This resulted in significant audit delays.
Cause: Grameen had significant turnover within the accounting department during the fiscal year
ended June 30, 2023.
Effect or Potential Effect: Without the proper reconciliation of all accounts on a monthly basis, in a
timely manner, as well as the proper review and approval of such reconciliations, there exists the
potential for reporting and the misappropriation of funds. Additionally, as a result of these delays,
Grameen did not submit the Data Collection Form in time to be in compliance with the due date of
March 31, 2024.
Questioned costs: None noted.
Context: Our audit procedures consisted of testwork completed on various asset, liability, revenue
and expense account balances. We consider our sample and testing to be representative of the
population.
Identification as a Repeat Finding, if Applicable: Not a repeat finding.
Recommendation: We recommend that all accounts be reconciled on a monthly basis throughout
the year. These reconciliations should be reviewed in detail by an appropriate member of
management for accuracy and completeness, as well as to investigate any unusual or significant old
reconciling items that may require additional research and/or adjustment. All reviews should be
completed in a timely manner.
Finding 2023-002: Account Reconciliations and Financial Statement Close Process
Information on the Federal Program: All
Criteria: As noted in 2 CFR §200.303 "The non-Federal entity must establish and maintain effective
internal control over the Federal award that provides reasonable assurance that the non-Federal
entity is managing the Federal award in compliance with Federal statutes, regulations, and the terms
and conditions of the Federal award. These internal controls should be in compliance with guidance
in "Standards for Internal Control in the Federal Government" issued by the Comptroller General of
the United States or the "Internal Control Integrated Framework", issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO)".
Condition: During our audit, we noted multiple asset, liability, revenue and expense accounts were
not reconciled on a monthly basis during the fiscal year, nor were they appropriately and timely
reconciled for the audit. This resulted in significant audit delays.
Cause: Grameen had significant turnover within the accounting department during the fiscal year
ended June 30, 2023.
Effect or Potential Effect: Without the proper reconciliation of all accounts on a monthly basis, in a
timely manner, as well as the proper review and approval of such reconciliations, there exists the
potential for reporting and the misappropriation of funds. Additionally, as a result of these delays,
Grameen did not submit the Data Collection Form in time to be in compliance with the due date of
March 31, 2024.
Questioned costs: None noted.
Context: Our audit procedures consisted of testwork completed on various asset, liability, revenue
and expense account balances. We consider our sample and testing to be representative of the
population.
Identification as a Repeat Finding, if Applicable: Not a repeat finding.
Recommendation: We recommend that all accounts be reconciled on a monthly basis throughout
the year. These reconciliations should be reviewed in detail by an appropriate member of
management for accuracy and completeness, as well as to investigate any unusual or significant old
reconciling items that may require additional research and/or adjustment. All reviews should be
completed in a timely manner.
Finding 2023-002: Account Reconciliations and Financial Statement Close Process
Information on the Federal Program: All
Criteria: As noted in 2 CFR §200.303 "The non-Federal entity must establish and maintain effective
internal control over the Federal award that provides reasonable assurance that the non-Federal
entity is managing the Federal award in compliance with Federal statutes, regulations, and the terms
and conditions of the Federal award. These internal controls should be in compliance with guidance
in "Standards for Internal Control in the Federal Government" issued by the Comptroller General of
the United States or the "Internal Control Integrated Framework", issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO)".
Condition: During our audit, we noted multiple asset, liability, revenue and expense accounts were
not reconciled on a monthly basis during the fiscal year, nor were they appropriately and timely
reconciled for the audit. This resulted in significant audit delays.
Cause: Grameen had significant turnover within the accounting department during the fiscal year
ended June 30, 2023.
Effect or Potential Effect: Without the proper reconciliation of all accounts on a monthly basis, in a
timely manner, as well as the proper review and approval of such reconciliations, there exists the
potential for reporting and the misappropriation of funds. Additionally, as a result of these delays,
Grameen did not submit the Data Collection Form in time to be in compliance with the due date of
March 31, 2024.
Questioned costs: None noted.
Context: Our audit procedures consisted of testwork completed on various asset, liability, revenue
and expense account balances. We consider our sample and testing to be representative of the
population.
Identification as a Repeat Finding, if Applicable: Not a repeat finding.
Recommendation: We recommend that all accounts be reconciled on a monthly basis throughout
the year. These reconciliations should be reviewed in detail by an appropriate member of
management for accuracy and completeness, as well as to investigate any unusual or significant old
reconciling items that may require additional research and/or adjustment. All reviews should be
completed in a timely manner.