Finding 1057034 (2022-001)

Material Weakness Repeat Finding
Requirement
L
Questioned Costs
-
Year
2022
Accepted
2024-08-06

AI Summary

  • Answer: We identified 21 necessary adjustments to correct financial statements.
  • Trend: Most adjustments were significant, affecting key areas like accounts receivable and expenses.
  • List: Focus on adjustments related to allowances, fixed assets, liabilities, and revenue for future audits.

Finding Text

As a result of our audit, we proposed twenty-one (21) audit adjusting entries to correct the books as originally provided to us for audit. Most of these adjustments proposed were material to the financial statements. Adjustments were necessary for basis areas such as allowance for doubtful accounts, accounts receivable -HUD, due from the owner, MIP escrow, fixed assets, accumulated depreciation, accounts payable, accrued wages payable, accrued payroll taxes, PPP loan, PNC line of credit, debt issuance cost, net assets, revenue, and expenses.

Categories

HUD Housing Programs Matching / Level of Effort / Earmarking

Other Findings in this Audit

  • 480592 2022-001
    Material Weakness Repeat
  • 480593 2022-001
    Material Weakness Repeat
  • 480594 2022-002
    Material Weakness
  • 480595 2022-002
    Material Weakness
  • 480596 2022-003
    Material Weakness Repeat
  • 480597 2022-004
    Material Weakness Repeat
  • 480598 2022-005
    Material Weakness
  • 480599 2022-005
    Material Weakness
  • 480600 2022-006
    Material Weakness
  • 480601 2022-006
    Material Weakness
  • 480602 2022-007
    Material Weakness
  • 480603 2022-008
    Material Weakness
  • 1057035 2022-001
    Material Weakness Repeat
  • 1057036 2022-002
    Material Weakness
  • 1057037 2022-002
    Material Weakness
  • 1057038 2022-003
    Material Weakness Repeat
  • 1057039 2022-004
    Material Weakness Repeat
  • 1057040 2022-005
    Material Weakness
  • 1057041 2022-005
    Material Weakness
  • 1057042 2022-006
    Material Weakness
  • 1057043 2022-006
    Material Weakness
  • 1057044 2022-007
    Material Weakness
  • 1057045 2022-008
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $3.71M
14.195 Section 8 Housing Assistance Payments Program $998,774