FAC Explorer

Finding 398506 (2023-002)

Material Weakness
Requirement
L
Questioned Costs
-
Year
2023
Accepted
2024-05-28
Audit: 307255
Organization: Brush Hill Development Corporation (MA)
Auditor: Citrin Cooperman & Company LLP

AI Summary

  • Answer: The financial audit for the year ending June 30, 2023, was not completed on time due to issues in the financial closing process.
  • Trend: This delay indicates a recurring problem with the financial closing process that could affect future audits.
  • List: Follow up by reviewing and improving the financial closing procedures to ensure timely audits in the future.

Finding Text

Due to the ineffective financial closing process, the Organization did not complete its financial audit within nine months of its fiscal year end 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, timely and compliant financial reporting.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 398505 2023-001
    Material Weakness
  • 398507 2023-003
    Material Weakness Repeat
  • 974947 2023-001
    Material Weakness
  • 974948 2023-002
    Material Weakness
  • 974949 2023-003
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
14.239 Home Investment Partnerships Program $40,000
14.181 Supportive Housing for Persons with Disabilities $24,238