FAC Explorer

Finding 392748 (2020-001)

Material Weakness
Requirement
P
Questioned Costs
-
Year
2020
Accepted
2024-04-09
Audit: 303103
Organization: Young Scholars for Academic Dba Truevolution Inc. (CA)
Auditor: Vasquez & CO LLP

AI Summary

  • Answer: The December 31, 2020 audit was delayed due to management's slow response in providing necessary financial documents.
  • Trend: This issue highlights ongoing challenges in timely document submission, which can affect future audits.
  • List: Follow up with management to establish clearer deadlines and improve the process for providing financial information.

Finding Text

We experienced a significant delay in completing the December 31, 2020 audit of the Organization’s financial statements mainly because of management’s difficulty in providing a timely general ledger, including the supporting schedules, documents, and other required audit-related financial information.

Corrective Action Plan

The Organization is in the process of expanding its Finance Department this year to help facilitate the gathering of the necessary documentation for all upcoming audits.

Categories

No categories assigned yet.

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.241 Housing Opportunities for Persons with Aids $144,822
93.917 Hiv Care Formula Grants $98,837
93.686 Ending the Hiv Epidemic: A Plan for America — Ryan White Hiv/aids Program Parts A and B (b) $80,469
21.019 Coronavirus Relief Fund $57,977