Finding Text
2023-003 Lack of Documentation
Criteria: Management is responsible for maintaining sufficient financial records.
Condition: Insufficient documentation maintained by the Organization to support fixed assets, repairs and maintenance and receipts.
Cause: Lack of controls. No document retention and destruction policy in place.
Effect: Could result in undetected errors and irregularities and misstated interim financial reports.
Questioned Costs: None noted.
Recommendation: Implement a document retention and destruction policy which is communicated to all staff. Establish policies and procedures that describe proper supporting documentation for each type of transaction.
Views of Responsible Officials and Planned Corrective Actions:
On June 30, 2022, Inspiration implemented a Document Retention and Destruction Policy that is still currently active and followed.