Finding Text
Financial Statement Finds: Accounting Records Criteria: The accounts of the Authority should include all significant transactions in the period of benefit. Condition: During the audit, certain audit adjustments were required to record transactions in the period of benefit for the General Fund, Special Projects Fund, and EDF Fund. Effect: The financial records for the General Fund, Special Projects Fund, and EDF Fund did not reflect the financial activity in the period of benefit, which could result in a material misstatement of the financial statements. This is a repeat finding from a previous year – Finding 2024-001. Recommendation: The Authority should ensure that internal control procedures over financial reporting are sufficient to identify and record all transactions in the period of benefit. Management Response: The Authority has initiated additional levels of review in order to sufficiently identify and record all transactions in the period of benefit.