2024-001 Internal Controls over Financial Reporting. Recommendation: The Organization has already taken an important step by engaging a contract accountant to assist with cleaning up the accounting records, reconciling financial information, and recording transactions in accordance with U.S. GAAP. A...
2024-001 Internal Controls over Financial Reporting. Recommendation: The Organization has already taken an important step by engaging a contract accountant to assist with cleaning up the accounting records, reconciling financial information, and recording transactions in accordance with U.S. GAAP. As the Organization transitions these responsibilities to the new financial staff member, we recommend providing thorough training, clear expectations, and appropriate oversight to ensure continuity and consistency in accounting and financial reporting. Establishing structured guidance and ongoing monitoring will help strengthen internal controls and promote a smooth and sustainable transition in the finance function. Explanation of disagreement with audit finding: There is no disagreement with the audit finding. Action taken in response to finding: The Organization has contracted with Ascend Nonprofit Solutions to provide outsourced financial accounting services beginning November 1, 2025, through Ascend’s Finance Shared Services model. Certified Public Accountants from Ascend Nonprofit Solutions will review and provide guidance to Healing Transitions, Inc. regarding their internal control structure, adding an extra layer of expertise and credibility to financial statement reporting. Financial statements will be accounted for in accordance with GAAP, monthly, providing clear reporting for financial management, oversight, and governance. These reports will be distributed to management and the board of directors. Name(s) of the contact person(s) responsible for corrective action: Chris Budnick, Executive Director Planned completion date for corrective action plan: January 2026