Finding 1100924 (2024-002)

Significant Deficiency Repeat Finding
Requirement
B
Questioned Costs
-
Year
2024
Accepted
2025-02-26

AI Summary

  • Core Issue: Depreciation schedules were incomplete, causing audit delays.
  • Impacted Requirements: Management must ensure accurate and timely updates to depreciation schedules, ideally on a monthly basis.
  • Recommended Follow-Up: Implement a standard monthly entry for depreciation to better reflect asset values in financial statements.

Finding Text

2024 – 2 Depreciation Schedules - During the course of our audit it was noted that the depreciation schedules were not completed, this led to a delay in the completion of the audit. Criteria: Management should review all assets to ensure that depreciation expenses is calculating properly and that live assets are applied consistently based on capitalization policy. The depreciation schedule for should be updated quarterly at the very least to ensure that they are ready for the audit. Cause: Unknown Effect: Funds are not adequately representing a true reflection of the depreciating assets throughout the year Recommendation: A standard monthly entry would provide the financial statements with an adequate representation of the depreciation expense per month. Management Response: Management is going to keep up to date with its depreciation schedule and monthly entry.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 524481 2024-001
    Significant Deficiency Repeat
  • 524482 2024-002
    Significant Deficiency Repeat
  • 524483 2024-003
    Significant Deficiency Repeat
  • 524484 2024-004
    Significant Deficiency Repeat
  • 1100923 2024-001
    Significant Deficiency Repeat
  • 1100925 2024-003
    Significant Deficiency Repeat
  • 1100926 2024-004
    Significant Deficiency Repeat

Programs in Audit

ALN Program Name Expenditures
21.027 Coronavirus State and Local Fiscal Recovery Funds $1.46M
14.228 Community Development Block Grants/state's Program and Non-Entitlement Grants in Hawaii $315,276
66.468 Drinking Water State Revolving Fund $40,206
20.205 Highway Planning and Construction $18,144
97.036 Disaster Grants - Public Assistance (presidentially Declared Disasters) $12,867
97.047 Bric: Building Resilient Infrastructure and Communities $3,739
45.310 Grants to States $636