Finding Text
Criteria: The Corporation should ensure internal controls surrounding expenditure requisitions are followed by staff to ensure accruals of expenditures are timely recorded. Condition and Context: The property manager did not timely submit expenditure requisitions to the business office and authorized expenditures prior to receiving authorization. Upon receipt of the invoices for the expenditures, the business office reviewed and challenged the costs resulting in delayed recording of accruals and expenditures in the wrong period. Effect: Expenses of $1,783 were recorded in the wrong period. Cause: Property manager not following policies and procedures and untimely invoicing by the vendors. Recommendation: The business office should continuously train and enforce policies and procedures to ensure internal controls are followed by staff throughout the organization.