Finding 36552 (2022-004)

Material Weakness
Requirement
P
Questioned Costs
-
Year
2022
Accepted
2023-09-20
Audit: 27371
Organization: Lewisburg Borough (PA)

AI Summary

  • Core Issue: The Borough is relying on auditors to draft financial statements instead of hiring a qualified accountant.
  • Impacted Requirements: This approach may compromise the quality and accuracy of the financial statements.
  • Recommended Follow-Up: Management should take responsibility for preparing financial statements and notes, as outlined in the Corrective Action Plan.

Finding Text

2022-004 General - Financial Statement Preparation In connection with the audit of the Borough's financial statements, like most smaller local governmental entities, management has requested that the auditors assist in the drafting of the schedule of expenditures of federal awards. Effect: Borough management has determined that it is more cost-beneficial to utilize the services of its auditors to assist in drafting financial statements, as opposed to hiring a professional accountant trained in such matters. Population and Items Tested: N/A; Finding is based upon the understanding and review of the internal control system. Auditor's Recommendation: Management should prepare the financial statements and related notes. The Borough's planned corrective action is in its Corrective Action Plan at the end of this report.

Corrective Action Plan

Finding 2022-004 Grant Program/CFDA#: Community Development Block Grant Program, 14.228 Federal Agency/Pass-Through Entity: United States Department of Housing and Urban Development/Pennsylvania Department of Community and Economic Development Finding - General - Financial Statement Preparation: In connection with the audit of the Borough of Lewisburg's financial statements, like most smaller local governmental entities, management has requested that its external auditors assist in the drafting of the schedule of expenditures of federal awards. Borough management has determined that it is more cost-beneficial to utilize the services of its auditors to assist in drafting the schedule of expenditures of federal awards, as opposed to hiring a professional accountant trained in such matters. While the Borough's internal accounting personnel have the ability to interpret and understand its schedule of expenditures of federal awards, they do not have sufficient experience in preparing that schedule in accordance with generally accepted accounting principles. It was recommended by the auditors that management should prepare its schedule of expenditures of federal awards. However, in evaluating this need, the Borough must weigh the cost of employing additional personnel against the benefits to be derived therefrom. Borough Response: The Borough will consider training staff to achieve these duties, but it does not expect to hire additional personnel to perform these duties.

Categories

Reporting Internal Control / Segregation of Duties

Other Findings in this Audit

  • 36553 2022-005
    Significant Deficiency
  • 36554 2022-004
    Material Weakness
  • 36555 2022-005
    Significant Deficiency
  • 36556 2022-004
    Material Weakness
  • 36557 2022-005
    Significant Deficiency
  • 36558 2022-004
    Material Weakness
  • 36559 2022-005
    Significant Deficiency
  • 36560 2022-004
    Material Weakness
  • 36561 2022-005
    Significant Deficiency
  • 612994 2022-004
    Material Weakness
  • 612995 2022-005
    Significant Deficiency
  • 612996 2022-004
    Material Weakness
  • 612997 2022-005
    Significant Deficiency
  • 612998 2022-004
    Material Weakness
  • 612999 2022-005
    Significant Deficiency
  • 613000 2022-004
    Material Weakness
  • 613001 2022-005
    Significant Deficiency
  • 613002 2022-004
    Material Weakness
  • 613003 2022-005
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
14.228 Community Development Block Grants/state's Program and Non-Entitlement Grants in Hawaii $406,000
20.205 Highway Planning and Construction $309,343
21.027 Coronavirus State and Local Fiscal Recovery Funds $284,291