Finding Text
Condition: The data collection form will be submitted after that deadline.
Cause: The financial closing process was not properly managed, and there were inadequate controls in place to ensure that financial data was recorded and reconciled in a timely manner. There was also a lack of communication and coordination among the different departments responsible for the financial closing process
Effect: The Organization will not qualify as a low-risk auditee.
Criteria: Data Collection form is to be submitted nine months from the fiscal year end date.
Recommendation: Data Collection form should be submitted nine months from the fiscal year end date.