Answer: Audit adjustments were made for prepaid expenses and deferred revenue due to lack of monitoring.
Trend: This issue indicates a recurring problem with account management during the audit period.
List: Follow up by implementing regular reviews of these accounts to ensure proper adjustments are made timely.
Finding Text
For the year ended April 30, 2025, audit adjustments were proposed and adjusted for prepaid expenses and deferred revenue. These accounts were not properly monitored and adjusted during the audit period.
Corrective Action Plan
Management of Miami-Cass REMC and Subsidiary will implement procedures to monitor and review accounts throughout the year. Management agrees with the findings.