Finding 1191620 (2025-001)

Material Weakness Repeat Finding

Requirement

Questioned Costs

Year

2025

Accepted

2026-03-27

Audit: 395483

Organization: Albuquerque Housing Authority (NM)

Auditor: NEW MEXICO OFFICE OF STATE AUDITOR

AI Summary

Answer: The audit revealed gaps in our year-end close processes that could lead to inaccuracies in financial reporting.
Trend: There has been a consistent pattern of missed deadlines and incomplete documentation during previous year-end closes.
List: Recommended actions include enhancing training for staff, implementing a checklist for year-end tasks, and scheduling regular progress reviews to ensure compliance.

Finding Text

Audit Preparedness and Control Over Year-End Close

Corrective Action Plan

December 29, 2025, the five components of the COSO Framework are: Control Environment, Risk Assessment, Control Activities, Information and Communication, and Monitoring Activities. Administration will train finance staff and will train Managers in review of the characteristics to enforce and strengthen its year end closing process.

Other Findings in this Audit

1191621 2025-007

Material Weakness Repeat
1191622 2025-008

Material Weakness Repeat
1191623 2025-009

Material Weakness Repeat

Programs in Audit

ALN	Program Name	Expenditures
14.872	PUBLIC HOUSING CAPITAL FUND	$4.47M
14.850	Public Housing Operating subsidy	$4.13M
14.218	COMMUNITY DEVELOPMENT BLOCK GRANTS/ENTITLEMENT GRANTS	$1.37M
14.871	SECTION 8 HOUSING CHOICE VOUCHERS	$758,233
14.889	CHOICE NEIGHBORHOODS IMPLEMENTATION GRANTS	$350,355
14.879	MAINSTREAM VOUCHERS	$251,834