Finding 1173041 (2025-002)

During the audit we noted the Corporation lacked adequate internal controls and had insufficient staffing over the financial and accounting processes. This resulted in errors, mispostings, untimely reconciliations, and a lack of understanding of the nature and accounting treatment of certain transactions. Effective internal controls over financial reporting require the Corporation to maintain staff with the skill and experience to ensure transactions are recorded accurately, and financial accounts are reconciled timely and accurately. Without proper internal controls there is an increased risk that errors and omissions could occur and remain undetected. This condition could lead to inaccurate financial reporting and potential noncompliance with applicable laws and regulations. We recommend that the Corporation strengthen its internal control environment by evaluating staffing levels, providing training to existing staff, and developing and implementing policies and procedures to ensure timely reconciliations, accurate transaction recording, and ongoing management review.