2023-001 Late Single Audit Submissions
Category: Material weakness in Internal Control and Material Noncompliance
Condition:
The Authority has not timely submitted the Single Audit Reporting Packages for the years ended June 30,
2022, and 2023.
Management’s Response:
Starting in FY 2024-2025, the Fi...
2023-001 Late Single Audit Submissions
Category: Material weakness in Internal Control and Material Noncompliance
Condition:
The Authority has not timely submitted the Single Audit Reporting Packages for the years ended June 30,
2022, and 2023.
Management’s Response:
Starting in FY 2024-2025, the Finance Department will maintain detailed records of all payments made,
deposits received, and the reimbursement and transfer processes. This approach ensures that all reports
are completed in a timely manner. To strengthen internal control over accounts, disbursements, and fund
entries, the LRA’s Finance Department will hire additional personnel. These new team members are
responsible for updating and managing accounting records. Together, they have established a strict
timeline for completing important tasks to ensure a clear and concise flow of funds. The workloads will be
divided among the team, with specific responsibilities assigned for Accounts Receivable, Accounts
Payable, Bank Reconciliation, and Bookkeeping. Some responsibilities are interlinked, allowing team
members to support one another in the event of absence or the need for assistance and providing
documents to the external audits for the Single Audits.
Person in charge:
Juan C. Rodriguez Rivera
Accounting Official
787-705-7188
Juan.rodriguez@lra.pr.gov
Implementation Date: FY 2024-2025