Core Issue: The Fayetteville Housing Authority could not find receipts for credit card purchases, impacting audit verification.
Impacted Requirements: Missing documentation prevents accurate financial statement assessments and compliance with federal audit standards.
Recommended Follow-Up: Management should improve record-keeping practices to ensure all transaction receipts are securely maintained.
Finding Text
2022-018 Missing Documentation - Receipts for Credit Card Purchases
Federal Awards:
14-850 Public and Indian Housing Low Rent Program
Criteria:
Requested information should be readily available for audit examination.
Condition:
The Fayetteville Housing Authority was unable to locate some receipts to credit card purchases for audit examination.
Questioned Costs:
Undetermined due to missing documentation.
Effect:
We are unable to determine the accuracy of the financial statement amounts due to lack of supporting documentation.
Cause:
Prior management of the Fayetteville Housing Authority did not secure all the required receipts for supporting documentation.
Recommendation:
We recommend the Fayetteville Housing Authority's management place a greater emphasis in safe keeping its records
to ensure all receipts for every transaction is accounted for.