FAC Explorer

Finding 384103 (2023-001)

Significant Deficiency
Requirement
L
Questioned Costs
-
Year
2023
Accepted
2024-03-25
Audit: 297244
Organization: Pyramid Learning Corp. (PR)
Auditor: Rrc CPA Group Psc

AI Summary

  • Core Issue: The Organization is not preparing its accounting and financial reports on a timely basis, which affects the accuracy of financial oversight.
  • Impacted Requirements: Monthly accounting journals, general ledgers, and interim financial reports like the Balance Sheet and Bank Reconciliations are completed only after the fiscal year ends.
  • Recommended Follow-Up: Implement a system to ensure that financial reports are generated and reviewed on a monthly basis to improve compliance and financial accuracy.

Finding Text

The Organization accounted for its activities based on the services provided, which are educational services. During our financial and compliance audit procedures for the fiscal year ended June 30, 2023, we noted the following conditions related to the accounting procedures and financial reporting practices of the Organization: a. Accounting and interim financial reports are not executed on a current (month-to-month) basis. Accounting journals, general ledger and interim financial reports, such as Balance Sheet, Statement of Activities and Bank Reconciliations, monthly analysis of certain accounts are executed after the end of the related accounting year.

Corrective Action Plan

Hereby, we made known the execution of our corrective action plan by changing the company from Certified Publc Accountant (CPA) Bernardi & Santini, CPA's to DBR Accounting Service For Pyramid Learning Corp; effective August 2023. After an analysis of our accounting system, the Board of Directors made the determination to change the CPA company; since our accounting system changed in tune with our needs and requires a company with the availability and compatibility according to our standards and requirements.

Categories

Reporting

Other Findings in this Audit

  • 960545 2023-001
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
84.287 Twenty First Century Learning Centers $1.68M