Finding 393341 (2023-002)

Material Weakness Repeat Finding

Requirement

Questioned Costs

Year

2023

Accepted

2024-04-16

Audit: 303623

Organization: Cable Telecommunications Association of New York, Inc. (NY)

Auditor: Cusack & Company Cpa's

AI Summary

Answer: We identified significant errors in accounts payable and grant expenses during the audit.
Trend: There was a pattern of checks being posted without corresponding initial bills recorded.
List: We recommend adjusting accounts payable by about $138,000 to fix the balance.

Finding Text

During the audit there were material audit adjustments we proposed to correct accounts payable and related grant expenses. Checks were posted offsetting accounts payable but an initial bill was never recorded to the appropriate expense account. We proposed adjustments to accounts payable for approximately $138,000 to correct the balance.

Corrective Action Plan

CTANY agrees with the recommendation that accounts payable and related expenses should be monitored for accuracy. Due to management transition over the past two years, the CTANY board and administrative consultants are working to ensure that best practices are put in place going forward to ensure accounts payable and related expenses are constantly monitored. In lieu of an outside bookkeeper the Treasurer of CTANY has taken QuickBooks related courses and plans to take additional continuing education as an added measure to ensure proper managing of the books and accounting records per the recommendations of this audit report.

Other Findings in this Audit

393340 2023-001

Material Weakness Repeat
393342 2023-003

Material Weakness Repeat
393343 2023-004

Material Weakness
969782 2023-001

Material Weakness Repeat
969783 2023-002

Material Weakness Repeat
969784 2023-003

Material Weakness Repeat
969785 2023-004

Material Weakness

Programs in Audit

ALN	Program Name	Expenditures
20.600	National Priority Safety Program, Ctany 2023 Multi-Media Statewide Awareness Campaign	$1.25M