Finding Text
Financial Statement Findings: Accounting Records Criteria: The accounts of the Authority shuold include all significant transactions in the period of benefit. Condition: During the audit, certain audit adjustments were required to record transactions in the period of benefit for the General Fund, Special Projects Fund, and EDF Fund. Cause: The Authority improperly recorded/reversed certain prior year accruals, booked certain prior year audit adjustments twice and did not record grant revenue to match grant expenditures in the current year. The Authority also did not properly record certain substanital transactions on the Special Fund, or the EDF Fund. Effect: The financial records for the General Fund, Special Projects Fund, and EDF Fund did not reflect the financial activity in the period of benefit, which could result in a material misstatement of the financial statements. This is a repeat finding from a previous year - Finding 2022-001. Recommendation: The Authority should enusre that internal control procedures over financial reporting are sufficient to identify and record all transactions in the period of benefit. Management Response: The Authority has initiated addiitonal levels of review in order to sufficiently identify and record all transactions in the period of benefit.