Condition - During our audit, we noted that the client did not record an unconditional promise to give when received. Instead, the contribution revenue was recorded in the incorrect period. This resulted in a prior period adjustment.
Criteria - According to the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958-605, contributions received, including unconditional promises to give, should be recognized as revenue in the period received. This standard ensures that financial statements accurately reflect the organization's financial position and activities.
Effect - The incorrect recognition of contribution revenue led to a misstatement in the financial statements, requiring a prior period adjustment. This misstatement could affect the reliability and accuracy of the financial information provided to users of the financial statements.
Cause - The cause of this issue appears to have been a lapse in oversight in applying the appropriate accounting standards for recognizing contribution revenue. The client may not have had adequate internal controls or procedures in place to ensure that unconditional promises to give were recorded timely and accurately.
Recommendation - We recommend that management record this prior period adjustment and review internal controls and procedures related to the recognition of contribution revenue. Specifically:
Implement policies to ensure that unconditional promises to give are recorded as revenue in the period received.
Provide training to accounting personnel on the requirements of ASC 958-605.
Regularly review and monitor the recognition of contribution revenue to ensure compliance with applicable accounting standards.
View of responsible officials - Management agrees with this assessment and has committed to a corrective action plan.
Condition - During our audit, we noted that the client did not record an unconditional promise to give when received. Instead, the contribution revenue was recorded in the incorrect period. This resulted in a prior period adjustment.
Criteria - According to the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958-605, contributions received, including unconditional promises to give, should be recognized as revenue in the period received. This standard ensures that financial statements accurately reflect the organization's financial position and activities.
Effect - The incorrect recognition of contribution revenue led to a misstatement in the financial statements, requiring a prior period adjustment. This misstatement could affect the reliability and accuracy of the financial information provided to users of the financial statements.
Cause - The cause of this issue appears to have been a lapse in oversight in applying the appropriate accounting standards for recognizing contribution revenue. The client may not have had adequate internal controls or procedures in place to ensure that unconditional promises to give were recorded timely and accurately.
Recommendation - We recommend that management record this prior period adjustment and review internal controls and procedures related to the recognition of contribution revenue. Specifically:
Implement policies to ensure that unconditional promises to give are recorded as revenue in the period received.
Provide training to accounting personnel on the requirements of ASC 958-605.
Regularly review and monitor the recognition of contribution revenue to ensure compliance with applicable accounting standards.
View of responsible officials - Management agrees with this assessment and has committed to a corrective action plan.
Condition - During our audit, we noted that the client did not record an unconditional promise to give when received. Instead, the contribution revenue was recorded in the incorrect period. This resulted in a prior period adjustment.
Criteria - According to the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958-605, contributions received, including unconditional promises to give, should be recognized as revenue in the period received. This standard ensures that financial statements accurately reflect the organization's financial position and activities.
Effect - The incorrect recognition of contribution revenue led to a misstatement in the financial statements, requiring a prior period adjustment. This misstatement could affect the reliability and accuracy of the financial information provided to users of the financial statements.
Cause - The cause of this issue appears to have been a lapse in oversight in applying the appropriate accounting standards for recognizing contribution revenue. The client may not have had adequate internal controls or procedures in place to ensure that unconditional promises to give were recorded timely and accurately.
Recommendation - We recommend that management record this prior period adjustment and review internal controls and procedures related to the recognition of contribution revenue. Specifically:
Implement policies to ensure that unconditional promises to give are recorded as revenue in the period received.
Provide training to accounting personnel on the requirements of ASC 958-605.
Regularly review and monitor the recognition of contribution revenue to ensure compliance with applicable accounting standards.
View of responsible officials - Management agrees with this assessment and has committed to a corrective action plan.
Condition - During our audit, we noted that the client did not record an unconditional promise to give when received. Instead, the contribution revenue was recorded in the incorrect period. This resulted in a prior period adjustment.
Criteria - According to the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958-605, contributions received, including unconditional promises to give, should be recognized as revenue in the period received. This standard ensures that financial statements accurately reflect the organization's financial position and activities.
Effect - The incorrect recognition of contribution revenue led to a misstatement in the financial statements, requiring a prior period adjustment. This misstatement could affect the reliability and accuracy of the financial information provided to users of the financial statements.
Cause - The cause of this issue appears to have been a lapse in oversight in applying the appropriate accounting standards for recognizing contribution revenue. The client may not have had adequate internal controls or procedures in place to ensure that unconditional promises to give were recorded timely and accurately.
Recommendation - We recommend that management record this prior period adjustment and review internal controls and procedures related to the recognition of contribution revenue. Specifically:
Implement policies to ensure that unconditional promises to give are recorded as revenue in the period received.
Provide training to accounting personnel on the requirements of ASC 958-605.
Regularly review and monitor the recognition of contribution revenue to ensure compliance with applicable accounting standards.
View of responsible officials - Management agrees with this assessment and has committed to a corrective action plan.
Condition - During our audit, we noted that the client did not record an unconditional promise to give when received. Instead, the contribution revenue was recorded in the incorrect period. This resulted in a prior period adjustment.
Criteria - According to the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958-605, contributions received, including unconditional promises to give, should be recognized as revenue in the period received. This standard ensures that financial statements accurately reflect the organization's financial position and activities.
Effect - The incorrect recognition of contribution revenue led to a misstatement in the financial statements, requiring a prior period adjustment. This misstatement could affect the reliability and accuracy of the financial information provided to users of the financial statements.
Cause - The cause of this issue appears to have been a lapse in oversight in applying the appropriate accounting standards for recognizing contribution revenue. The client may not have had adequate internal controls or procedures in place to ensure that unconditional promises to give were recorded timely and accurately.
Recommendation - We recommend that management record this prior period adjustment and review internal controls and procedures related to the recognition of contribution revenue. Specifically:
Implement policies to ensure that unconditional promises to give are recorded as revenue in the period received.
Provide training to accounting personnel on the requirements of ASC 958-605.
Regularly review and monitor the recognition of contribution revenue to ensure compliance with applicable accounting standards.
View of responsible officials - Management agrees with this assessment and has committed to a corrective action plan.
Condition - During our audit, we noted that the client did not record an unconditional promise to give when received. Instead, the contribution revenue was recorded in the incorrect period. This resulted in a prior period adjustment.
Criteria - According to the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958-605, contributions received, including unconditional promises to give, should be recognized as revenue in the period received. This standard ensures that financial statements accurately reflect the organization's financial position and activities.
Effect - The incorrect recognition of contribution revenue led to a misstatement in the financial statements, requiring a prior period adjustment. This misstatement could affect the reliability and accuracy of the financial information provided to users of the financial statements.
Cause - The cause of this issue appears to have been a lapse in oversight in applying the appropriate accounting standards for recognizing contribution revenue. The client may not have had adequate internal controls or procedures in place to ensure that unconditional promises to give were recorded timely and accurately.
Recommendation - We recommend that management record this prior period adjustment and review internal controls and procedures related to the recognition of contribution revenue. Specifically:
Implement policies to ensure that unconditional promises to give are recorded as revenue in the period received.
Provide training to accounting personnel on the requirements of ASC 958-605.
Regularly review and monitor the recognition of contribution revenue to ensure compliance with applicable accounting standards.
View of responsible officials - Management agrees with this assessment and has committed to a corrective action plan.
Condition - During our audit, we noted that the client did not record an unconditional promise to give when received. Instead, the contribution revenue was recorded in the incorrect period. This resulted in a prior period adjustment.
Criteria - According to the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958-605, contributions received, including unconditional promises to give, should be recognized as revenue in the period received. This standard ensures that financial statements accurately reflect the organization's financial position and activities.
Effect - The incorrect recognition of contribution revenue led to a misstatement in the financial statements, requiring a prior period adjustment. This misstatement could affect the reliability and accuracy of the financial information provided to users of the financial statements.
Cause - The cause of this issue appears to have been a lapse in oversight in applying the appropriate accounting standards for recognizing contribution revenue. The client may not have had adequate internal controls or procedures in place to ensure that unconditional promises to give were recorded timely and accurately.
Recommendation - We recommend that management record this prior period adjustment and review internal controls and procedures related to the recognition of contribution revenue. Specifically:
Implement policies to ensure that unconditional promises to give are recorded as revenue in the period received.
Provide training to accounting personnel on the requirements of ASC 958-605.
Regularly review and monitor the recognition of contribution revenue to ensure compliance with applicable accounting standards.
View of responsible officials - Management agrees with this assessment and has committed to a corrective action plan.
Condition - During our audit, we noted that the client did not record an unconditional promise to give when received. Instead, the contribution revenue was recorded in the incorrect period. This resulted in a prior period adjustment.
Criteria - According to the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958-605, contributions received, including unconditional promises to give, should be recognized as revenue in the period received. This standard ensures that financial statements accurately reflect the organization's financial position and activities.
Effect - The incorrect recognition of contribution revenue led to a misstatement in the financial statements, requiring a prior period adjustment. This misstatement could affect the reliability and accuracy of the financial information provided to users of the financial statements.
Cause - The cause of this issue appears to have been a lapse in oversight in applying the appropriate accounting standards for recognizing contribution revenue. The client may not have had adequate internal controls or procedures in place to ensure that unconditional promises to give were recorded timely and accurately.
Recommendation - We recommend that management record this prior period adjustment and review internal controls and procedures related to the recognition of contribution revenue. Specifically:
Implement policies to ensure that unconditional promises to give are recorded as revenue in the period received.
Provide training to accounting personnel on the requirements of ASC 958-605.
Regularly review and monitor the recognition of contribution revenue to ensure compliance with applicable accounting standards.
View of responsible officials - Management agrees with this assessment and has committed to a corrective action plan.
Condition - During our audit, we noted that the client did not record an unconditional promise to give when received. Instead, the contribution revenue was recorded in the incorrect period. This resulted in a prior period adjustment.
Criteria - According to the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958-605, contributions received, including unconditional promises to give, should be recognized as revenue in the period received. This standard ensures that financial statements accurately reflect the organization's financial position and activities.
Effect - The incorrect recognition of contribution revenue led to a misstatement in the financial statements, requiring a prior period adjustment. This misstatement could affect the reliability and accuracy of the financial information provided to users of the financial statements.
Cause - The cause of this issue appears to have been a lapse in oversight in applying the appropriate accounting standards for recognizing contribution revenue. The client may not have had adequate internal controls or procedures in place to ensure that unconditional promises to give were recorded timely and accurately.
Recommendation - We recommend that management record this prior period adjustment and review internal controls and procedures related to the recognition of contribution revenue. Specifically:
Implement policies to ensure that unconditional promises to give are recorded as revenue in the period received.
Provide training to accounting personnel on the requirements of ASC 958-605.
Regularly review and monitor the recognition of contribution revenue to ensure compliance with applicable accounting standards.
View of responsible officials - Management agrees with this assessment and has committed to a corrective action plan.
Condition - During our audit, we noted that the client did not record an unconditional promise to give when received. Instead, the contribution revenue was recorded in the incorrect period. This resulted in a prior period adjustment.
Criteria - According to the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958-605, contributions received, including unconditional promises to give, should be recognized as revenue in the period received. This standard ensures that financial statements accurately reflect the organization's financial position and activities.
Effect - The incorrect recognition of contribution revenue led to a misstatement in the financial statements, requiring a prior period adjustment. This misstatement could affect the reliability and accuracy of the financial information provided to users of the financial statements.
Cause - The cause of this issue appears to have been a lapse in oversight in applying the appropriate accounting standards for recognizing contribution revenue. The client may not have had adequate internal controls or procedures in place to ensure that unconditional promises to give were recorded timely and accurately.
Recommendation - We recommend that management record this prior period adjustment and review internal controls and procedures related to the recognition of contribution revenue. Specifically:
Implement policies to ensure that unconditional promises to give are recorded as revenue in the period received.
Provide training to accounting personnel on the requirements of ASC 958-605.
Regularly review and monitor the recognition of contribution revenue to ensure compliance with applicable accounting standards.
View of responsible officials - Management agrees with this assessment and has committed to a corrective action plan.
Condition - During our audit, we noted that the client did not record an unconditional promise to give when received. Instead, the contribution revenue was recorded in the incorrect period. This resulted in a prior period adjustment.
Criteria - According to the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958-605, contributions received, including unconditional promises to give, should be recognized as revenue in the period received. This standard ensures that financial statements accurately reflect the organization's financial position and activities.
Effect - The incorrect recognition of contribution revenue led to a misstatement in the financial statements, requiring a prior period adjustment. This misstatement could affect the reliability and accuracy of the financial information provided to users of the financial statements.
Cause - The cause of this issue appears to have been a lapse in oversight in applying the appropriate accounting standards for recognizing contribution revenue. The client may not have had adequate internal controls or procedures in place to ensure that unconditional promises to give were recorded timely and accurately.
Recommendation - We recommend that management record this prior period adjustment and review internal controls and procedures related to the recognition of contribution revenue. Specifically:
Implement policies to ensure that unconditional promises to give are recorded as revenue in the period received.
Provide training to accounting personnel on the requirements of ASC 958-605.
Regularly review and monitor the recognition of contribution revenue to ensure compliance with applicable accounting standards.
View of responsible officials - Management agrees with this assessment and has committed to a corrective action plan.
Condition - During our audit, we noted that the client did not record an unconditional promise to give when received. Instead, the contribution revenue was recorded in the incorrect period. This resulted in a prior period adjustment.
Criteria - According to the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958-605, contributions received, including unconditional promises to give, should be recognized as revenue in the period received. This standard ensures that financial statements accurately reflect the organization's financial position and activities.
Effect - The incorrect recognition of contribution revenue led to a misstatement in the financial statements, requiring a prior period adjustment. This misstatement could affect the reliability and accuracy of the financial information provided to users of the financial statements.
Cause - The cause of this issue appears to have been a lapse in oversight in applying the appropriate accounting standards for recognizing contribution revenue. The client may not have had adequate internal controls or procedures in place to ensure that unconditional promises to give were recorded timely and accurately.
Recommendation - We recommend that management record this prior period adjustment and review internal controls and procedures related to the recognition of contribution revenue. Specifically:
Implement policies to ensure that unconditional promises to give are recorded as revenue in the period received.
Provide training to accounting personnel on the requirements of ASC 958-605.
Regularly review and monitor the recognition of contribution revenue to ensure compliance with applicable accounting standards.
View of responsible officials - Management agrees with this assessment and has committed to a corrective action plan.
Condition - During our audit, we noted that the client did not record an unconditional promise to give when received. Instead, the contribution revenue was recorded in the incorrect period. This resulted in a prior period adjustment.
Criteria - According to the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958-605, contributions received, including unconditional promises to give, should be recognized as revenue in the period received. This standard ensures that financial statements accurately reflect the organization's financial position and activities.
Effect - The incorrect recognition of contribution revenue led to a misstatement in the financial statements, requiring a prior period adjustment. This misstatement could affect the reliability and accuracy of the financial information provided to users of the financial statements.
Cause - The cause of this issue appears to have been a lapse in oversight in applying the appropriate accounting standards for recognizing contribution revenue. The client may not have had adequate internal controls or procedures in place to ensure that unconditional promises to give were recorded timely and accurately.
Recommendation - We recommend that management record this prior period adjustment and review internal controls and procedures related to the recognition of contribution revenue. Specifically:
Implement policies to ensure that unconditional promises to give are recorded as revenue in the period received.
Provide training to accounting personnel on the requirements of ASC 958-605.
Regularly review and monitor the recognition of contribution revenue to ensure compliance with applicable accounting standards.
View of responsible officials - Management agrees with this assessment and has committed to a corrective action plan.
Condition - During our audit, we noted that the client did not record an unconditional promise to give when received. Instead, the contribution revenue was recorded in the incorrect period. This resulted in a prior period adjustment.
Criteria - According to the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958-605, contributions received, including unconditional promises to give, should be recognized as revenue in the period received. This standard ensures that financial statements accurately reflect the organization's financial position and activities.
Effect - The incorrect recognition of contribution revenue led to a misstatement in the financial statements, requiring a prior period adjustment. This misstatement could affect the reliability and accuracy of the financial information provided to users of the financial statements.
Cause - The cause of this issue appears to have been a lapse in oversight in applying the appropriate accounting standards for recognizing contribution revenue. The client may not have had adequate internal controls or procedures in place to ensure that unconditional promises to give were recorded timely and accurately.
Recommendation - We recommend that management record this prior period adjustment and review internal controls and procedures related to the recognition of contribution revenue. Specifically:
Implement policies to ensure that unconditional promises to give are recorded as revenue in the period received.
Provide training to accounting personnel on the requirements of ASC 958-605.
Regularly review and monitor the recognition of contribution revenue to ensure compliance with applicable accounting standards.
View of responsible officials - Management agrees with this assessment and has committed to a corrective action plan.
Condition - During our audit, we noted that the client did not record an unconditional promise to give when received. Instead, the contribution revenue was recorded in the incorrect period. This resulted in a prior period adjustment.
Criteria - According to the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958-605, contributions received, including unconditional promises to give, should be recognized as revenue in the period received. This standard ensures that financial statements accurately reflect the organization's financial position and activities.
Effect - The incorrect recognition of contribution revenue led to a misstatement in the financial statements, requiring a prior period adjustment. This misstatement could affect the reliability and accuracy of the financial information provided to users of the financial statements.
Cause - The cause of this issue appears to have been a lapse in oversight in applying the appropriate accounting standards for recognizing contribution revenue. The client may not have had adequate internal controls or procedures in place to ensure that unconditional promises to give were recorded timely and accurately.
Recommendation - We recommend that management record this prior period adjustment and review internal controls and procedures related to the recognition of contribution revenue. Specifically:
Implement policies to ensure that unconditional promises to give are recorded as revenue in the period received.
Provide training to accounting personnel on the requirements of ASC 958-605.
Regularly review and monitor the recognition of contribution revenue to ensure compliance with applicable accounting standards.
View of responsible officials - Management agrees with this assessment and has committed to a corrective action plan.
Condition - During our audit, we noted that the client did not record an unconditional promise to give when received. Instead, the contribution revenue was recorded in the incorrect period. This resulted in a prior period adjustment.
Criteria - According to the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958-605, contributions received, including unconditional promises to give, should be recognized as revenue in the period received. This standard ensures that financial statements accurately reflect the organization's financial position and activities.
Effect - The incorrect recognition of contribution revenue led to a misstatement in the financial statements, requiring a prior period adjustment. This misstatement could affect the reliability and accuracy of the financial information provided to users of the financial statements.
Cause - The cause of this issue appears to have been a lapse in oversight in applying the appropriate accounting standards for recognizing contribution revenue. The client may not have had adequate internal controls or procedures in place to ensure that unconditional promises to give were recorded timely and accurately.
Recommendation - We recommend that management record this prior period adjustment and review internal controls and procedures related to the recognition of contribution revenue. Specifically:
Implement policies to ensure that unconditional promises to give are recorded as revenue in the period received.
Provide training to accounting personnel on the requirements of ASC 958-605.
Regularly review and monitor the recognition of contribution revenue to ensure compliance with applicable accounting standards.
View of responsible officials - Management agrees with this assessment and has committed to a corrective action plan.
Condition - During our audit, we noted that the client did not record an unconditional promise to give when received. Instead, the contribution revenue was recorded in the incorrect period. This resulted in a prior period adjustment.
Criteria - According to the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958-605, contributions received, including unconditional promises to give, should be recognized as revenue in the period received. This standard ensures that financial statements accurately reflect the organization's financial position and activities.
Effect - The incorrect recognition of contribution revenue led to a misstatement in the financial statements, requiring a prior period adjustment. This misstatement could affect the reliability and accuracy of the financial information provided to users of the financial statements.
Cause - The cause of this issue appears to have been a lapse in oversight in applying the appropriate accounting standards for recognizing contribution revenue. The client may not have had adequate internal controls or procedures in place to ensure that unconditional promises to give were recorded timely and accurately.
Recommendation - We recommend that management record this prior period adjustment and review internal controls and procedures related to the recognition of contribution revenue. Specifically:
Implement policies to ensure that unconditional promises to give are recorded as revenue in the period received.
Provide training to accounting personnel on the requirements of ASC 958-605.
Regularly review and monitor the recognition of contribution revenue to ensure compliance with applicable accounting standards.
View of responsible officials - Management agrees with this assessment and has committed to a corrective action plan.
Condition - During our audit, we noted that the client did not record an unconditional promise to give when received. Instead, the contribution revenue was recorded in the incorrect period. This resulted in a prior period adjustment.
Criteria - According to the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958-605, contributions received, including unconditional promises to give, should be recognized as revenue in the period received. This standard ensures that financial statements accurately reflect the organization's financial position and activities.
Effect - The incorrect recognition of contribution revenue led to a misstatement in the financial statements, requiring a prior period adjustment. This misstatement could affect the reliability and accuracy of the financial information provided to users of the financial statements.
Cause - The cause of this issue appears to have been a lapse in oversight in applying the appropriate accounting standards for recognizing contribution revenue. The client may not have had adequate internal controls or procedures in place to ensure that unconditional promises to give were recorded timely and accurately.
Recommendation - We recommend that management record this prior period adjustment and review internal controls and procedures related to the recognition of contribution revenue. Specifically:
Implement policies to ensure that unconditional promises to give are recorded as revenue in the period received.
Provide training to accounting personnel on the requirements of ASC 958-605.
Regularly review and monitor the recognition of contribution revenue to ensure compliance with applicable accounting standards.
View of responsible officials - Management agrees with this assessment and has committed to a corrective action plan.
Condition - During our audit, we noted that the client did not record an unconditional promise to give when received. Instead, the contribution revenue was recorded in the incorrect period. This resulted in a prior period adjustment.
Criteria - According to the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958-605, contributions received, including unconditional promises to give, should be recognized as revenue in the period received. This standard ensures that financial statements accurately reflect the organization's financial position and activities.
Effect - The incorrect recognition of contribution revenue led to a misstatement in the financial statements, requiring a prior period adjustment. This misstatement could affect the reliability and accuracy of the financial information provided to users of the financial statements.
Cause - The cause of this issue appears to have been a lapse in oversight in applying the appropriate accounting standards for recognizing contribution revenue. The client may not have had adequate internal controls or procedures in place to ensure that unconditional promises to give were recorded timely and accurately.
Recommendation - We recommend that management record this prior period adjustment and review internal controls and procedures related to the recognition of contribution revenue. Specifically:
Implement policies to ensure that unconditional promises to give are recorded as revenue in the period received.
Provide training to accounting personnel on the requirements of ASC 958-605.
Regularly review and monitor the recognition of contribution revenue to ensure compliance with applicable accounting standards.
View of responsible officials - Management agrees with this assessment and has committed to a corrective action plan.
Condition - During our audit, we noted that the client did not record an unconditional promise to give when received. Instead, the contribution revenue was recorded in the incorrect period. This resulted in a prior period adjustment.
Criteria - According to the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958-605, contributions received, including unconditional promises to give, should be recognized as revenue in the period received. This standard ensures that financial statements accurately reflect the organization's financial position and activities.
Effect - The incorrect recognition of contribution revenue led to a misstatement in the financial statements, requiring a prior period adjustment. This misstatement could affect the reliability and accuracy of the financial information provided to users of the financial statements.
Cause - The cause of this issue appears to have been a lapse in oversight in applying the appropriate accounting standards for recognizing contribution revenue. The client may not have had adequate internal controls or procedures in place to ensure that unconditional promises to give were recorded timely and accurately.
Recommendation - We recommend that management record this prior period adjustment and review internal controls and procedures related to the recognition of contribution revenue. Specifically:
Implement policies to ensure that unconditional promises to give are recorded as revenue in the period received.
Provide training to accounting personnel on the requirements of ASC 958-605.
Regularly review and monitor the recognition of contribution revenue to ensure compliance with applicable accounting standards.
View of responsible officials - Management agrees with this assessment and has committed to a corrective action plan.
Condition - During our audit, we noted that the client did not record an unconditional promise to give when received. Instead, the contribution revenue was recorded in the incorrect period. This resulted in a prior period adjustment.
Criteria - According to the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958-605, contributions received, including unconditional promises to give, should be recognized as revenue in the period received. This standard ensures that financial statements accurately reflect the organization's financial position and activities.
Effect - The incorrect recognition of contribution revenue led to a misstatement in the financial statements, requiring a prior period adjustment. This misstatement could affect the reliability and accuracy of the financial information provided to users of the financial statements.
Cause - The cause of this issue appears to have been a lapse in oversight in applying the appropriate accounting standards for recognizing contribution revenue. The client may not have had adequate internal controls or procedures in place to ensure that unconditional promises to give were recorded timely and accurately.
Recommendation - We recommend that management record this prior period adjustment and review internal controls and procedures related to the recognition of contribution revenue. Specifically:
Implement policies to ensure that unconditional promises to give are recorded as revenue in the period received.
Provide training to accounting personnel on the requirements of ASC 958-605.
Regularly review and monitor the recognition of contribution revenue to ensure compliance with applicable accounting standards.
View of responsible officials - Management agrees with this assessment and has committed to a corrective action plan.
Condition - During our audit, we noted that the client did not record an unconditional promise to give when received. Instead, the contribution revenue was recorded in the incorrect period. This resulted in a prior period adjustment.
Criteria - According to the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958-605, contributions received, including unconditional promises to give, should be recognized as revenue in the period received. This standard ensures that financial statements accurately reflect the organization's financial position and activities.
Effect - The incorrect recognition of contribution revenue led to a misstatement in the financial statements, requiring a prior period adjustment. This misstatement could affect the reliability and accuracy of the financial information provided to users of the financial statements.
Cause - The cause of this issue appears to have been a lapse in oversight in applying the appropriate accounting standards for recognizing contribution revenue. The client may not have had adequate internal controls or procedures in place to ensure that unconditional promises to give were recorded timely and accurately.
Recommendation - We recommend that management record this prior period adjustment and review internal controls and procedures related to the recognition of contribution revenue. Specifically:
Implement policies to ensure that unconditional promises to give are recorded as revenue in the period received.
Provide training to accounting personnel on the requirements of ASC 958-605.
Regularly review and monitor the recognition of contribution revenue to ensure compliance with applicable accounting standards.
View of responsible officials - Management agrees with this assessment and has committed to a corrective action plan.
Condition - During our audit, we noted that the client did not record an unconditional promise to give when received. Instead, the contribution revenue was recorded in the incorrect period. This resulted in a prior period adjustment.
Criteria - According to the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958-605, contributions received, including unconditional promises to give, should be recognized as revenue in the period received. This standard ensures that financial statements accurately reflect the organization's financial position and activities.
Effect - The incorrect recognition of contribution revenue led to a misstatement in the financial statements, requiring a prior period adjustment. This misstatement could affect the reliability and accuracy of the financial information provided to users of the financial statements.
Cause - The cause of this issue appears to have been a lapse in oversight in applying the appropriate accounting standards for recognizing contribution revenue. The client may not have had adequate internal controls or procedures in place to ensure that unconditional promises to give were recorded timely and accurately.
Recommendation - We recommend that management record this prior period adjustment and review internal controls and procedures related to the recognition of contribution revenue. Specifically:
Implement policies to ensure that unconditional promises to give are recorded as revenue in the period received.
Provide training to accounting personnel on the requirements of ASC 958-605.
Regularly review and monitor the recognition of contribution revenue to ensure compliance with applicable accounting standards.
View of responsible officials - Management agrees with this assessment and has committed to a corrective action plan.
Condition - During our audit, we noted that the client did not record an unconditional promise to give when received. Instead, the contribution revenue was recorded in the incorrect period. This resulted in a prior period adjustment.
Criteria - According to the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958-605, contributions received, including unconditional promises to give, should be recognized as revenue in the period received. This standard ensures that financial statements accurately reflect the organization's financial position and activities.
Effect - The incorrect recognition of contribution revenue led to a misstatement in the financial statements, requiring a prior period adjustment. This misstatement could affect the reliability and accuracy of the financial information provided to users of the financial statements.
Cause - The cause of this issue appears to have been a lapse in oversight in applying the appropriate accounting standards for recognizing contribution revenue. The client may not have had adequate internal controls or procedures in place to ensure that unconditional promises to give were recorded timely and accurately.
Recommendation - We recommend that management record this prior period adjustment and review internal controls and procedures related to the recognition of contribution revenue. Specifically:
Implement policies to ensure that unconditional promises to give are recorded as revenue in the period received.
Provide training to accounting personnel on the requirements of ASC 958-605.
Regularly review and monitor the recognition of contribution revenue to ensure compliance with applicable accounting standards.
View of responsible officials - Management agrees with this assessment and has committed to a corrective action plan.
Condition - During our audit, we noted that the client did not record an unconditional promise to give when received. Instead, the contribution revenue was recorded in the incorrect period. This resulted in a prior period adjustment.
Criteria - According to the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958-605, contributions received, including unconditional promises to give, should be recognized as revenue in the period received. This standard ensures that financial statements accurately reflect the organization's financial position and activities.
Effect - The incorrect recognition of contribution revenue led to a misstatement in the financial statements, requiring a prior period adjustment. This misstatement could affect the reliability and accuracy of the financial information provided to users of the financial statements.
Cause - The cause of this issue appears to have been a lapse in oversight in applying the appropriate accounting standards for recognizing contribution revenue. The client may not have had adequate internal controls or procedures in place to ensure that unconditional promises to give were recorded timely and accurately.
Recommendation - We recommend that management record this prior period adjustment and review internal controls and procedures related to the recognition of contribution revenue. Specifically:
Implement policies to ensure that unconditional promises to give are recorded as revenue in the period received.
Provide training to accounting personnel on the requirements of ASC 958-605.
Regularly review and monitor the recognition of contribution revenue to ensure compliance with applicable accounting standards.
View of responsible officials - Management agrees with this assessment and has committed to a corrective action plan.
Condition - During our audit, we noted that the client did not record an unconditional promise to give when received. Instead, the contribution revenue was recorded in the incorrect period. This resulted in a prior period adjustment.
Criteria - According to the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958-605, contributions received, including unconditional promises to give, should be recognized as revenue in the period received. This standard ensures that financial statements accurately reflect the organization's financial position and activities.
Effect - The incorrect recognition of contribution revenue led to a misstatement in the financial statements, requiring a prior period adjustment. This misstatement could affect the reliability and accuracy of the financial information provided to users of the financial statements.
Cause - The cause of this issue appears to have been a lapse in oversight in applying the appropriate accounting standards for recognizing contribution revenue. The client may not have had adequate internal controls or procedures in place to ensure that unconditional promises to give were recorded timely and accurately.
Recommendation - We recommend that management record this prior period adjustment and review internal controls and procedures related to the recognition of contribution revenue. Specifically:
Implement policies to ensure that unconditional promises to give are recorded as revenue in the period received.
Provide training to accounting personnel on the requirements of ASC 958-605.
Regularly review and monitor the recognition of contribution revenue to ensure compliance with applicable accounting standards.
View of responsible officials - Management agrees with this assessment and has committed to a corrective action plan.
Condition - During our audit, we noted that the client did not record an unconditional promise to give when received. Instead, the contribution revenue was recorded in the incorrect period. This resulted in a prior period adjustment.
Criteria - According to the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958-605, contributions received, including unconditional promises to give, should be recognized as revenue in the period received. This standard ensures that financial statements accurately reflect the organization's financial position and activities.
Effect - The incorrect recognition of contribution revenue led to a misstatement in the financial statements, requiring a prior period adjustment. This misstatement could affect the reliability and accuracy of the financial information provided to users of the financial statements.
Cause - The cause of this issue appears to have been a lapse in oversight in applying the appropriate accounting standards for recognizing contribution revenue. The client may not have had adequate internal controls or procedures in place to ensure that unconditional promises to give were recorded timely and accurately.
Recommendation - We recommend that management record this prior period adjustment and review internal controls and procedures related to the recognition of contribution revenue. Specifically:
Implement policies to ensure that unconditional promises to give are recorded as revenue in the period received.
Provide training to accounting personnel on the requirements of ASC 958-605.
Regularly review and monitor the recognition of contribution revenue to ensure compliance with applicable accounting standards.
View of responsible officials - Management agrees with this assessment and has committed to a corrective action plan.
Condition - During our audit, we noted that the client did not record an unconditional promise to give when received. Instead, the contribution revenue was recorded in the incorrect period. This resulted in a prior period adjustment.
Criteria - According to the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958-605, contributions received, including unconditional promises to give, should be recognized as revenue in the period received. This standard ensures that financial statements accurately reflect the organization's financial position and activities.
Effect - The incorrect recognition of contribution revenue led to a misstatement in the financial statements, requiring a prior period adjustment. This misstatement could affect the reliability and accuracy of the financial information provided to users of the financial statements.
Cause - The cause of this issue appears to have been a lapse in oversight in applying the appropriate accounting standards for recognizing contribution revenue. The client may not have had adequate internal controls or procedures in place to ensure that unconditional promises to give were recorded timely and accurately.
Recommendation - We recommend that management record this prior period adjustment and review internal controls and procedures related to the recognition of contribution revenue. Specifically:
Implement policies to ensure that unconditional promises to give are recorded as revenue in the period received.
Provide training to accounting personnel on the requirements of ASC 958-605.
Regularly review and monitor the recognition of contribution revenue to ensure compliance with applicable accounting standards.
View of responsible officials - Management agrees with this assessment and has committed to a corrective action plan.
Condition - During our audit, we noted that the client did not record an unconditional promise to give when received. Instead, the contribution revenue was recorded in the incorrect period. This resulted in a prior period adjustment.
Criteria - According to the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958-605, contributions received, including unconditional promises to give, should be recognized as revenue in the period received. This standard ensures that financial statements accurately reflect the organization's financial position and activities.
Effect - The incorrect recognition of contribution revenue led to a misstatement in the financial statements, requiring a prior period adjustment. This misstatement could affect the reliability and accuracy of the financial information provided to users of the financial statements.
Cause - The cause of this issue appears to have been a lapse in oversight in applying the appropriate accounting standards for recognizing contribution revenue. The client may not have had adequate internal controls or procedures in place to ensure that unconditional promises to give were recorded timely and accurately.
Recommendation - We recommend that management record this prior period adjustment and review internal controls and procedures related to the recognition of contribution revenue. Specifically:
Implement policies to ensure that unconditional promises to give are recorded as revenue in the period received.
Provide training to accounting personnel on the requirements of ASC 958-605.
Regularly review and monitor the recognition of contribution revenue to ensure compliance with applicable accounting standards.
View of responsible officials - Management agrees with this assessment and has committed to a corrective action plan.
Condition - During our audit, we noted that the client did not record an unconditional promise to give when received. Instead, the contribution revenue was recorded in the incorrect period. This resulted in a prior period adjustment.
Criteria - According to the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958-605, contributions received, including unconditional promises to give, should be recognized as revenue in the period received. This standard ensures that financial statements accurately reflect the organization's financial position and activities.
Effect - The incorrect recognition of contribution revenue led to a misstatement in the financial statements, requiring a prior period adjustment. This misstatement could affect the reliability and accuracy of the financial information provided to users of the financial statements.
Cause - The cause of this issue appears to have been a lapse in oversight in applying the appropriate accounting standards for recognizing contribution revenue. The client may not have had adequate internal controls or procedures in place to ensure that unconditional promises to give were recorded timely and accurately.
Recommendation - We recommend that management record this prior period adjustment and review internal controls and procedures related to the recognition of contribution revenue. Specifically:
Implement policies to ensure that unconditional promises to give are recorded as revenue in the period received.
Provide training to accounting personnel on the requirements of ASC 958-605.
Regularly review and monitor the recognition of contribution revenue to ensure compliance with applicable accounting standards.
View of responsible officials - Management agrees with this assessment and has committed to a corrective action plan.