FAC Explorer

Finding 1220810 (2025-002)

Material Weakness Repeat Finding
Requirement
L
Questioned Costs
-
Year
2025
Accepted
2026-06-29
Audit: 405534
Organization: Knox Metropolitan Housing Authority (OH)
Auditor: KEVIN L PENN INC

AI Summary

  • Issue: Management overlooked the use of a fee accountant for the Hinkle report, leading to potential compliance concerns.
  • Trend: Similar oversights in financial reporting can lead to significant errors and audit findings.
  • Follow-up: Implement a review process to ensure all financial entries comply with regulations and are properly vetted.

Finding Text

Knox MHA employed a fee accountant to assist in preparing the Hinkle report, assistance with GASB entries, footnotes and REAC submission. It was an oversight of Management and not caught until brought to our attention by the auditor. Had I been aware of this at the time I would have made the correction as I know this is not permitted nor an entry that should be made.

Corrective Action Plan

Interfund Transfers

Categories

Internal Control / Segregation of Duties

Other Findings in this Audit

  • 1220809 2025-001
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
14.871 SECTION 8 HOUSING CHOICE VOUCHERS $4.23M
14.879 MAINSTREAM VOUCHERS $532,932
14.896 FAMILY SELF-SUFFICIENCY PROGRAM $56,587