Finding Text
2024-001 MATERIAL AUDIT ADJUSTMENTS WERE REQUIRED TO BE RECORDED Condition: Material adjusting journal entries proposed by the auditor were required to be recorded to prevent the financial statements from being materially misstated. Criteria: It is the responsibility of management to implement proper internal controls to provide reasonable assurance about the achievement of the entity’s objectives with regard to the reliability of financial reporting. Cause: Inadequate controls to ensure proper financial reporting in accordance with accounting principles generally accepted in the United States of America. Effect: Without the audit adjustments, the financial statements could have been materially misstated. Recommendation: We recommend management ensures that all transactions are recorded properly. Management Response: The Organization will continue to use our auditors for these additional services.