Finding Text
2025-001 Material audit adjustments Criteria United States generally accepted accounting principles require the Organization to maintain a complete and accurate general ledger. Condition Our audit procedures for grant revenue and grant receivables revealed material journal entries necessary to report the Organization’s financial statement in accordance with United States generally accepted accounting principles. Cause The Organization’s employee responsible for providing a complete and accurate general ledger did not maintain a complete and accurate general ledger throughout the year.As a result of this material weakness, the Organization’s management and governance are not provided with a complete and accurate picture of the Organization’s financial performance and position on a timely basis. Recommendation We recommend that the Organization put a fiscal agent in place that can maintain a complete and accurate general ledger. Views of management Management concurs and has placed a new fiscal agent in place who will record activity as earned in accordance with generally accepted accounting principles.