Finding Text
Type of Finding: ? Material Weakness in Internal Control over Financial Reporting Condition: During the course of our audit, CliftonLarsonAllen LLP prepared the financial statements. Criteria or specific requirement: A well-designed system of internal control should include policies and procedures to provide management with reasonable assurance year-end reporting of financial information and related disclosures is accurate and in according with accounting principles generally accepted in the United States of America. Effect: The lack of staffing with sufficient knowledge indicates the possibility of the omission of necessary footnote disclosures consistent with generally accepted accounting principles. Cause: CliftonLarsonAllen LLP prepared the financial statements. Repeat Finding: This is not a repeat finding. Recommendation: The financial statement preparation process should be part of the internal control system, although the Inner Voice may be financially limited in the hiring of personnel with an up-to-date understanding of accounting preannouncements, proper mitigating factors should be reflected including oversight by management. Views of responsible officials and planned corrective actions: We are in the process of discussing with the Board for hiring of a finance person to prepare the reports so that CFO can review and approve his/her work.