Finding Text
Finding No: 2024-003 Type: Internal control deficiency over financial reporting Condition: We identified a number of control deficiencies in the system of internal control: • Supporting documentation such as invoices, compensation agreements, approvals and reports were not available • Documented accounting policies and procedures were either missing or lacked sufficient detail. • Some significant account balances were not reconciled and/or adjusted. • Monitoring of adherence to established policies and procedures failed to prevent a contract of $71,200 from being entered into without compliance with the Authority’s procurement policy. Criteria: Management is responsible for maintaining effective internal controls through documented policies, appropriate authorization and review, adequate supporting documentation, timely reconciliations, and ongoing monitoring of significant transactions and account balances. Amount: Not determined Cause: There was staffing turnover and management changes throughout the year. Effect or Potential Effect: 1. Increased risk of material misstatement due to inadequate internal controls. 2. Increased fraud risk due to inadequate internal controls. Repeat Audit Finding: No