Finding Text
Criteria: Requirement to maintain evidence of monthly rent rolls and a current tenant security
deposit
liability summary.
Statement of Condition: Lack of documented evidence demonstrating the maintenance of monthly rent
rolls and a current tenant security deposit liability summary.
Cause: Oversight in record-keeping procedures regarding the current status of tenant security
deposits.
Effect or Potential Effect: Potential delay in the return of security deposits for move-out tenants
due to insufficient documentation and lack of segregation of funds.
Recommendation: Establish and maintain documented monthly rent rolls and a current tenant security
deposit liability summary into the month-end close process.
Management’s Response: We recognize the need to promptly enact measures to uphold monthly rent roll
maintenance and the ongoing review of tenant security deposit liabilities.
.