Finding Text
Condition: During audit fieldwork, our testing resulted in a restatement of fund balance in order to correct accounts payable balances that were improperly recorded in prior years. Criteria: A good system of internal controls would provide for accurate recording and reporting of accounts payable on a regular basis in order to provide for accurate financial reporting. Cause: Year-end entries related to accounts payable were required in order to accurately present the District’s financial statements. Effect: A material adjustment to the District’s beginning fund balance was required to properly state accounts payable.