Answer: Internal controls for tenant rent collection were inadequate during the year ending June 30, 2024.
Trend: This issue indicates a pattern of weaknesses in management's internal control structure.
List: Recommend a review and enhancement of internal controls to ensure effective rent collection moving forward.
Finding Text
Management’s internal control structure and application of internal controls was insufficient during the year ended June 30, 2024. Specifically, activity related to collecting tenant rent throughout the year.