Finding 36253 (2022-001)

Finding No. 2022-001: Section 8 Housing Assistance Payments Program, CFDA 14.195 Finding Resolution Status: Resolved. Information on Universe Population Size: Fixed assets. Sample Size Information: Fixed assets. Identification of Repeat Finding and Finding Reference Number: No. Criteria: All property and equipment and construction in progress additions should be recorded in the appropriate period. Statement of Condition: Construction in progress was not recorded on the books of the Project in the appropriate period. Cause: Management did not timely record the construction in progress when work was performed. Effect or Potential Effect: Understatement of total assets and total liabilities on the prior year financial statements. Auditor Non-Compliance Code: Z ? Other Reporting Views of Responsible Officials: The Project agrees with the finding and the auditor?s recommendations will be adopted. Recommendation: The Project should ensure all activity of the Project is timely and accurately recorded on the books. Response Indicator: Agree. Completion Date: 02/16/2022 Response: Management implemented new procedures to ensure the proper and timely recording of CIP transactions.