Finding Text
2024-004 Program Governance Fiscal year finding initially occurred: 2022 CONDITION: Bossier Office of Community Services, Inc. failed to provide accurate monthly financial statements to its Board of Directors during the fiscal year under audit. Although the entity hired a CPA firm to assist with reconciling their financial transactions. This did not occur until after the fiscal year end. In review of detail general ledger activity and performance of audit procedures, it was noted that significant adjustments were made to various revenue and expense accounts in order to balance the financial statements at year end. CRITERIA: Section 642(d)(2)(A) of the Head Start Act requires agencies to provide monthly financial statements to their Board of Directors CAUSE: The Bossier Office of Community Services, Inc. did not have proper internal controls over reconciling monthly bank statements as well as controls over preparing accurate financials. EFFECT: The Board of Directors of Bossier Office of Community Services, Inc. may not have the complete and accurate financial information needed to make informed operational decisions. RECOMMENDATION: Management should consider alternatives for preparing and reviewing monthly financial reports in the event financial management staff are unavailable in the future to perform these duties in a timely manner. VIEW OF RESPONSIBLE OFFICIAL: Management have contracted a CPA to work with Financial staff to ensure the accuracy of financial records. CPA will review financial record monthly for accuracy to ensure the Board of Directors receive accurate financial information.