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. "