FAC Explorer

Finding 1222773 (2025-002)

Material Weakness Repeat Finding
Requirement
P
Questioned Costs
-
Year
2025
Accepted
2026-07-02
Audit: 406340
Organization: CITY STAPLES (MN)
Auditor: CARLSONSV LLP

AI Summary

  • Answer: Management acknowledges a significant deficiency in financial reporting.
  • Trend: Smaller entities often lack the internal expertise for comprehensive external financial reporting.
  • List: Management plans to continue reviewing and approving financial statements while distributing them to users.

Finding Text

Management’s Response and Actions Planned: The City’s management is aware of this significant deficiency. Management reviews and approves the draft annual audited financial statements and distributes them to the users. For entities of this size, it generally is not practical to obtain the internal expertise needed to handle all aspects of the external financial reporting. Management recognizes this and feels it is effectively handling its reporting responsibilities with the procedures described above.

Corrective Action Plan

Preparation of Financial Statements and Related Footnotes

Categories

Reporting Significant Deficiency

Other Findings in this Audit

  • 1222757 2025-001
    Material Weakness Repeat
  • 1222758 2025-002
    Material Weakness Repeat
  • 1222759 2025-003
    Material Weakness Repeat
  • 1222760 2025-001
    Material Weakness Repeat
  • 1222761 2025-002
    Material Weakness Repeat
  • 1222762 2025-003
    Material Weakness Repeat
  • 1222763 2025-001
    Material Weakness Repeat
  • 1222764 2025-002
    Material Weakness Repeat
  • 1222765 2025-003
    Material Weakness Repeat
  • 1222766 2025-001
    Material Weakness Repeat
  • 1222767 2025-002
    Material Weakness Repeat
  • 1222768 2025-003
    Material Weakness Repeat
  • 1222769 2025-001
    Material Weakness Repeat
  • 1222770 2025-002
    Material Weakness Repeat
  • 1222771 2025-003
    Material Weakness Repeat
  • 1222772 2025-001
    Material Weakness Repeat
  • 1222774 2025-003
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
20.106 AIRPORT IMPROVEMENT PROGRAM, INFRASTRUCTURE INVESTMENT AND JOBS ACT PROGRAMS, AND COVID-19 AIRPORTS PROGRAMS $863,707
14.228 COMMUNITY DEVELOPMENT BLOCK GRANTS/STATE'S PROGRAM AND NON-ENTITLEMENT GRANTS IN HAWAII $385,449
97.039 HAZARD MITIGATION GRANT $264,715
10.698 STATE & PRIVATE FORESTRY COOPERATIVE FIRE ASSISTANCE $2,500
97.012 BOATING SAFETY FINANCIAL ASSISTANCE $988
16.543 MISSING CHILDREN'S ASSISTANCE $708