FAC Explorer

Finding 1163516 (2024-001)

Material Weakness Repeat Finding
Requirement
N
Questioned Costs
-
Year
2024
Accepted
2025-12-05
Audit: 373173
Organization: Black Owners of Solar Services (NC)
Auditor: WEAVER AND TIDWELL LLP

AI Summary

  • Answer: There is no established method for approving journal entries, which increases the risk of errors and fraud.
  • Trend: This lack of formal approval processes is becoming more common, leading to potential compliance issues.
  • List: Implement a formal approval process for journal entries, train staff on the new procedures, and regularly review compliance.

Finding Text

No Formal Process for Approval of Journal Entries

Corrective Action Plan

1. Establish and implement a formal process for the Executive Director, Executive-Level Financial Officer, and/or Board Treasurer to review and approve all journal entries recorded to the general ledger. 2. Evaluate the need to hire an Executive-Level Financial Officer or fractional CFO to provide additional oversight and expertise in financial management.

Categories

No categories assigned yet.

Programs in Audit

ALN Program Name Expenditures
81.137 MINORITY ECONOMIC IMPACT $1.63M