The closure of the 2021 accounting year, and consequently, the submission of the audit package and Contractor Data Form, was impacted not only by the post-pandemic turnover of accounting staff affecting period-end account reconciliations but revisiting of 2020 and prior year accounting activities as outlined in other findings in this section; detailed and methodical analyses of existing account balances; and a significant increase in contemporary transactional accounting activity due to marked year-over-year enterprise growth coupled with the reopening of the world. The new team has worked diligently to re-baseline all accounting-related activities including closing rhythms, account reconciliations and analyses and all transactional processes in the areas of accounts payable, payroll, revenue recognition, general ledger accounting, and financial reporting.
The closure of the 2021 accounting year along with the aforementioned changes and improvements will enable the organization to build on this progress in the pursuit of timely, accurate and complete financial reporting and audit support.