Finding Text
SIGNIFICANT DEFICIENCY: 2022-003 In-Kind Procedures: Criteria ? The Authority is responsible for establishing and maintaining internal controls for recording in-kind revenues & expenses. Condition ? During the performance of our audit, it was determined that the review procedures for in-kind revenues and expenses were not adequate for identifying if improper amounts were recorded. Cause ? The Authority has not designed adequate procedures for reviewing in-kind revenues and expenses. Effect ? As a result of these inadequate procedures, there is a higher threat that errors or improper amounts could be recorded as in-kind revenues and expenses. Recommendation ?The Authority should review and revise procedures to ensure in-kind revenues and expenses are being properly recorded and reviewed. Client?s Response ? We will review our current procedures to ensure in-kind revenues and expenses are properly reviewed and recorded in the financial statements in the future.