Finding 1099147 (2024-001)

2024-001 Finding: The Organization has insufficient procedures and controls related to their financial statement year-end close process. Criteria: A properly designed system of internal control over financial reporting requires entities to initiate, authorize, record, process, and report financial data reliably in accordance with U.S. generally accepted accounting principles. Condition and context: During the March 31, 2024 audit, there were several year-end account balances that were materially inaccurate and required adjustments. Cause: Due to management turnover and other complexities at year-end, the processes and reconciliations required to provide accurate year-end balances were not performed. Effect: The Organization's year-end account balances required adjustments in order to be materially accurate in accordance with U.S. generally accepted accounting principles. Identification as a Repeat Findings: This is not a repeat finding. Recommendation: We recommend that the Organization develop and maintain effective procedures and controls in order to provide accurate year-end account balances. Response and Corrective Action Planned: The Organization will review and implement processes and controls to ensure they provide accurate year-end account balances. Conclusion: Response accepted.