Answer: The Organization's controls were not strong enough to properly reconcile account balances during the year-end financial closing.
Trend: This issue could lead to ongoing inaccuracies in financial reporting if not addressed.
List: Review and strengthen reconciliation processes, implement timely reviews, and ensure adequate controls are in place for future financial closings.
Finding Text
The Organization's controls that were in place were insufficient to adequately and timely reconcile and review certain account balances for the year-end financial closing process for the year ended June 30, 2023.
Corrective Action Plan
Management understands the importance of timely and effective reconciliations and reviews to ensure the accuracy and timeliness of financial reporting. Management is committed to implementing timely reconciliations and review procedures for key accounts to support quality and timely financial reporting.