Finding Text
Material Weakness 2022-001 General Ledger Maintenance Criteria: Several material audit adjustments were required to present the financial statements in accordance with accounting principles generally accepted in the United States of America. Condition: An effective system of internal control allows management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. Effect: Significant adjustments that were material in the aggregate in relation to the financial statements were not detected and recorded on a timely basis. Cause: Material adjustments were required to be made to the College's financial statement accounts. Recommendation: We recommend the College review its policies and procedures to ensure that all account balances and transactions are periodically reviewed for proper treatment in accordance with accounting principles generally accepted in the United States. View of Responsible Officials and Planned Corrective Actions: See management?s attached corrective action plan.