Finding Text
Condition During 2024, the Organization’s internal control system was not able to timely and completely reconcile various general ledger account balances or prepare the financial statements. Additionally, audited adjustments were necessary in order to prepare the financial statements in conformity with Generally Accepted Accounting Principles. Criteria The Organization should maintain a level of internal control over financial reporting in order to accurately record, process and summarize data for accurate financial reporting. Effect Inaccurate financial reporting. Recommendation We recommend that the Organization’s management continue to work to ensure that the internal control processes are clearly identified and followed consistently and timely. Management’s Response The Organization has reorganized its management team and finance and accounting functions. In addition, it has hired an experienced accounting firm to assist in account reconciliations, account recording and bookkeeping services. The Organization fully expects to put processes in place for timely and accurate financial reporting. Status Corrective action has been taken.