Answer: New procedures will be finalized and implemented by December 31, 2025.
Trend: Training for all relevant staff will occur to ensure compliance with the new process.
List: Key actions include finalizing procedures, implementing by the deadline, and conducting staff training.
Finding Text
Implementation Date: The new procedures will be finalized and implemented effective December 31, 2025. All relevant staff will be trained in the new process to ensure compliance for future financial reporting periods.
Corrective Action Plan
Finding Name: Material Weakness in Financial Reporting – Lack of Controls Over Accruals