Finding 386519 (2023-001)

Significant Deficiency

Requirement

Questioned Costs

Year

2023

Accepted

2024-03-27

Audit: 298828

Organization: St. Giles Manor, Inc. (AL)

Auditor: Browder & Associates PC

AI Summary

Answer: Management reported assets too high and expenses too low by about $100,000 for 2023.
Trend: This issue highlights ongoing accounting errors that need to be addressed to ensure accurate financial reporting.
List: Follow up by reviewing accounting practices and implementing stronger controls to prevent future errors.

Finding Text

Management overstated assets and understated expenses by approximately $100,000 for the year ended December 31, 2023. Accounting errors were identified as a part of the audit and management adjusted the financial statements to correct the errors.

Corrective Action Plan

SPM’s Controller of 15 years retired in early 2023. SPM has replaced this position with new leadership, and we are providing additional training to the accounting staff. We do not expect to have this issue going forward.

Other Findings in this Audit

386520 2023-002

Significant Deficiency
386521 2023-003

Significant Deficiency
962961 2023-001

Significant Deficiency
962962 2023-002

Significant Deficiency
962963 2023-003

Significant Deficiency

Programs in Audit

ALN	Program Name	Expenditures
14.135	Mortgage Insurance_rental and Cooperative Housing for Moderate Income Families and Elderly, Market Interest Rate	$4.15M
14.195	Section 8 Housing Assistance Payments Program	$1.37M