FAC Explorer

Finding 38597 (2022-002)

Material Weakness
Requirement
ALP
Questioned Costs
-
Year
2022
Accepted
2023-09-28
Audit: 31354
Organization: Nisqually Land Trust (WA)
Auditor: Aiken and Sanders INC Ps

AI Summary

  • Core Issue: The Trust failed to regularly review and reconcile property and easement purchases, leading to inaccuracies in financial records.
  • Impacted Requirements: This oversight affects the accuracy of revenue, receivables, and expenditures related to federal awards.
  • Recommended Follow-Up: Implement a consistent review and reconciliation process for all property and easement transactions to ensure compliance and accuracy.

Finding Text

2022-002 GRANT ACCOUNTING AL Number and Title: 15.614 Coastal Wetland Planning, Protection, and Restoration Federal Grantor Name: United States Department of the Interior Pass Through Entity: Washington Department of Ecology See finding 2022-001. The Trust did not perform regular review and reconciliation of property and easement purchases and other reimbursement contracts during the year. This resulted in material misstatement of revenue, receivables, and expenditures of federal awards in the financial records. Questioned Costs for Finding 2022-002: No questioned costs were noted for this finding.

Corrective Action Plan

2022-002 GRANT ACCOUNTING ? A monthly procedure for reconciling and reviewing all accounting functions with assigned deadlines will be implemented. o This will include reconciling and reviewing all acquisition transactions for the current period as well as the current fiscal period. o All recent and open transactions will be looked at individually as well as at the programs in total to ensure completeness of recording and correct classification. ? On-going training will be provided for all staff. o Feedback from the monthly procedure for reconciling and reviewing all accounting functions will be given monthly to the appropriate staff to ensure processes are being followed.

Categories

Procurement, Suspension & Debarment Cash Management

Other Findings in this Audit

  • 38596 2022-001
    Material Weakness
  • 38598 2022-003
    Material Weakness
  • 615038 2022-001
    Material Weakness
  • 615039 2022-002
    Material Weakness
  • 615040 2022-003
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
15.614 Coastal Wetlands Planning, Protection and Restoration Program $1.87M
11.438 Pacific Coast Salmon Recovery_pacific Salmon Treaty Program $202,173
10.912 Environmental Quality Incentives Program $21,513
15.630 Coastal Program $13,143