Core Issue: Late payment fees were incurred on professional fees due to delayed invoice payment.
Impacted Requirements: Cash management procedures were insufficient to prevent unnecessary expenses.
Recommended Follow-Up: Ensure timely payment of all invoices to avoid future late fees.
Finding Text
Finding 2024-006 Incurred Late Payment Fees On Invoices Condition: Professional fees invoice had late fees added to the original bill since the invoice was not paid timely. Criteria: The Corporation should have cash management procedures in place to mitigate the risk of incurring unnecessary expenses. Cause: There was not enough money in the operating account when the invoice was received. Effect: The Corporation paid for expenses that were not necessary. Recommendation: We recommend that all invoices are paid timely to avoid late fees. Repeat Finding: No. Views of Responsible Officials and Planned Corrective Actions: We agree with the auditor and will take under advisement.
Corrective Action Plan
Recommendation: We recommend that all invoices are paid timely to avoid late fees. Action Taken: We agree with the auditor and will take under advisement. Anticipated Date of Completion: December 31, 2025