Finding Text
When completing our audit testing, it was determined that the beginning balances for a significant number of balance sheet accounts were incorrect and materially misstated. The material misstatements in the beginning balances were caused by the 2022 audit adjusting journal entries not being recorded in the accounting system. A properly designed and functioning accounting system has no materially misstated balances. A significant number of balance sheet accounts were materially misstated for all of 2023.