FAC Explorer

Finding 34662 (2022-001)

Significant Deficiency Repeat Finding
Requirement
L
Questioned Costs
-
Year
2022
Accepted
2023-07-15
Audit: 34592
Organization: Fort Bragg Schools Cafeteria Fund (NC)
Auditor: Sharpe Patel PLLC

AI Summary

  • Core Issue: The Organization failed to provide complete and accurate financial statements as required by generally accepted accounting principles.
  • Impacted Requirements: The Board of Directors and management are responsible for ensuring the accuracy and completeness of financial statements and disclosures.
  • Recommended Follow-Up: Review and improve the financial statement preparation process, ensuring adequate resources and skilled personnel are allocated for thorough reviews.

Finding Text

Finding 2022-001 Significant Deficiency Financial Statement Preparation Criteria: The Organization did not provide the auditors with complete and accurate financial statements and disclosures presented in accordance with generally accepted accounting principles. Condition: The Board of Directors and management share the ultimate responsibility for the Organization's internal control system and the accuracy and completeness of the Organization's financial statements and disclosures to ensure that those financial statements are presented in accordance with generally accepted accounting principles. Effect: Lack of a thorough review process could result in misstatements or omissions in the financial statements. Cause: There is a limited number of personnel in the Cafeteria Fund office. Questioned Costs: None. Recommendation: The Organization should review its current process for preparation of annual financial statements and allocate the resources necessary to ensure a thorough review of the financial statements and disclosures by personnel possessing the appropriate knowledge and skills.

Corrective Action Plan

Finding: 2022-001 Financial Statement Preparation Name of Contact Person: Ms. Robin Norwood Corrective Action: The Financial administration portion of the office will be turned over to NAF (Non appropriated Funds) at the start of school. Proposed Completion Date: August 21, 2023

Categories

Significant Deficiency Internal Control / Segregation of Duties

Other Findings in this Audit

  • 34663 2022-002
    Significant Deficiency Repeat
  • 34664 2022-003
    Significant Deficiency Repeat
  • 611104 2022-001
    Significant Deficiency Repeat
  • 611105 2022-002
    Significant Deficiency Repeat
  • 611106 2022-003
    Significant Deficiency Repeat

Programs in Audit

ALN Program Name Expenditures
10.555 National School Lunch Program $157,812