Answer: A payment of $159 to the Residual Receipts Account was missed.
Trend: This payment should have been completed within 60 days after year-end, by August 31, 2023.
List: Follow up to ensure the payment is made promptly and review processes to prevent future delays.
Finding Text
Disbursement required to the Residual Receipts Account, in the amount of $159, was not made during the 60 days following year end, which should be no later than August 31, 2023
Corrective Action Plan
: Management must strengthen internal controls to ensure that it meets the deadline period for making the deposit to the Residual Receipt Bank Account in the event of a surplus cash.