Finding Text
During the course of our audit it was noted that the depreciation schedules were not completed, this led to a delay in the completion of the audit. Criteria: Management should review all assets to ensure that depreciation expenses is calculating properly and that live assets are applied consistently based on capitalization policy. The depreciation schedule for should be updated quarterly at the very least to ensure that they are ready for the audit. Cause: Unknown Effect: Funds are not adequately representing a true reflection of the depreciating assets throughout the year. Recommendation: A standard monthly entry would provide the financial statements with an adequate representation of the depreciation expense per month. Management Response: Management is going to keep up to date with its depreciation schedule and monthly entry.