FAC Explorer

Finding 400770 (2023-001)

Material Weakness
Requirement
L
Questioned Costs
-
Year
2023
Accepted
2024-06-13
Audit: 308778
Organization: Thompson-Woodlief Apartments, Inc. (KY)
Auditor: Deming Malone Livesay & Ostroff

AI Summary

  • Answer: Year-end financial statements are not compliant with U.S. accounting principles.
  • Trend: Missing year-end adjusting entries, cash flow statements, and full note disclosures indicate a pattern of incomplete reporting.
  • List: Ensure future statements include all necessary adjustments, a cash flow statement, and comprehensive notes for compliance.

Finding Text

The year-end financial statements prepared for the Organization’s board members and management to assess ongoing operating results are not prepared in accordance with accounting principles generally accepted in the United States of America, in that they do not include certain year-end adjusting entries, a statement of cash flows, and full note disclosures.

Corrective Action Plan

The year-end financial statements prepared for the Organization’s board members and management to assess ongoing operating results are not prepared in accordance with accounting principles generally accepted in the United States of America, in that they do not include certain year-end adjusting entries, a statement of cash flows, and full note disclosures.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 400771 2023-002
    Material Weakness
  • 977212 2023-001
    Material Weakness
  • 977213 2023-002
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
14.181 Supportive Housing for Persons with Disabilities $1.60M