FAC Explorer

Finding 1100927 (2024-001)

Significant Deficiency
Requirement
G
Questioned Costs
-
Year
2023
Accepted
2025-02-26
Audit: 343831
Organization: Pop Biotechnologies Inc. (NY)
Auditor: Jeffrey Jackson CPA PC

AI Summary

  • Core Issue: POP Biotechnologies Inc does not have adequate internal controls for expenditures exceeding a set limit.
  • Impacted Requirements: The absence of a second approver for large purchases undermines the company's procurement policy.
  • Recommended Follow-up: Implement a second approval process for expenditures above the defined threshold to enhance oversight.

Finding Text

POP Biotechnologies Inc lacks internal controls on expenditures in excess of a pre-defined threshold. Purchasing thresholds are used to monitor and control large purchases above a stated threshold. A threshold also provides additional oversight in the purchasing process. A second approver for payment of certain expenditures in excess of the stated threshold in a company procurement policy is considered a strong control.

Categories

Procurement, Suspension & Debarment Internal Control / Segregation of Duties

Other Findings in this Audit

  • 524485 2024-001
    Significant Deficiency
  • 524486 2024-002
    Significant Deficiency
  • 524487 2024-003
    Significant Deficiency
  • 1100928 2024-002
    Significant Deficiency
  • 1100929 2024-003
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
93.395 Interstitial Chemophototherapy with Light-Activated Nanoparticulate Doxorubicin [phase Ii] $1.00M
93.866 A Liposomal Platform for Spontaneous, Particleized Presentation of Hiv Trimer Immunogen $599,897
93.855 Developing A Thermostable Sars-Cov-2 Rbd-Particle Vaccine $299,991