Finding Text
Criteria or Specific Requirment General ledger activity for significant accounts should be routinely analyzed and reconciled. Condition/Context The general ledger activity for significant statement of financial position accounts were not routinely analyzed and reconciled during 2022. Accounts receivable were not readily available upon request during our audit and required adjustments to be made once received. Cause During 2022, the finance department had limited accounting staff which made the analysis of significant general ledger accounts on a monthly basis difficult to perform. Effect Account receivables balances in the general ledger were not accurately stated and required adjustment. Recommendation We recommend that all significant general ledger accounts be analyzed and reconciled each month by finance department staff and that at year end an analysis of the trial balance be done to verify the accuracy of final numbers. Reporting Views of Responsible Officials See Corrective Action Plan.