FAC Explorer

Finding 30963 (2022-001)

Significant Deficiency Repeat Finding
Requirement
L
Questioned Costs
-
Year
2022
Accepted
2023-09-28
Audit: 33522
Organization: Valley Grande Institute for Academic Studies (TX)
Auditor: Acss CPA LLC

AI Summary

  • Core Issue: The Company failed to maintain accounting records on a full accrual basis as required by GAAP.
  • Impacted Requirements: Accurate financial reporting and compliance with GAAP standards were not met.
  • Recommended Follow-Up: Review and adjust accounting policies to ensure records reflect accurate account balances at year-end.

Finding Text

"Findings ? Financial Statement Audit Finding 2022-001 Accrual accounting records and material adjustments Condition: It was noted that the Company did not maintain accounting records on full accrual basis in accordance with GAAP. Criteria: The Company is responsible for maintaining accounting records in accordance with GAAP for financial reporting. Cause: The Company accounting records were not adjusted at year end to reflect accurate account balances. Recommendation: The Company should keep accounting records on a full accrual basis in accordance with GAAP. Views of Responsible Officials: We will review our policies and procedures and monitor out activities to make sure we maintain the necessary requirements current. "

Corrective Action Plan

Valley Grande Institute (VGI) has developed a strong internal control team that provide scheduled analyses to the President and administration. The data analyses consist of internal control over financial statements and reporting. The IC staff is responsible for analyzing ratios, dates, metrics, proper application of accounting principles and recording of accruals due to and from students and federal agencies.

Categories

Reporting

Other Findings in this Audit

  • 30964 2022-001
    Significant Deficiency Repeat
  • 607405 2022-001
    Significant Deficiency Repeat
  • 607406 2022-001
    Significant Deficiency Repeat

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $1.54M
84.063 Federal Pell Grant Program $1.24M
84.425 Education Stabilization Fund $294,978
84.007 Federal Supplemental Educational Opportunity Grants $26,344