Finding 42061 (2022-003)

Material Weakness
Requirement
F
Questioned Costs
-
Year
2022
Accepted
2023-09-27
Audit: 45576
Organization: Rikarbon, Inc. (DE)

AI Summary

  • Core Issue: The Company failed to conduct a required inventory of fixed assets with federal interest for the past two years.
  • Impacted Requirements: This non-compliance violates Uniform Guidance for real property management.
  • Recommended Follow-Up: Implement a formal inventory process to ensure proper documentation and compliance moving forward.

Finding Text

2022-003: REAL PROPERTY MANAGEMENT Criteria: Uniform Guidance requires an inventory of fixed assets with a federal interest every two years to ensure the protection of assets funded by federal funds. Condition: The Company did not perform a formal inventory of fixed assets with a federal interest in either of the two previous years. Cause: This was the Company?s first single audit. The Company was actively monitoring the status of equipment as part of operations, but failed to adequately document the monitoring in a static file that could be relied upon. Effect: The Company did not comply with real property management requirements. Questioned Costs: N/A Perspective Information: The issue is considered to be isolated to real property management. Repeat Findings: Not a repeat finding. Recommendation: The Company should implement a formal inventory process for fixed assets with a federal interest that results in static documentation of the inventory process and end result. View of Responsible Officials and Planned Corrective Action: The Company will implement a formal inventory process for fixed assets with a federal interest that results in static documentation of inventory process and end result.

Categories

Equipment & Real Property Management

Other Findings in this Audit

  • 42056 2022-003
    Material Weakness
  • 42057 2022-004
    Material Weakness
  • 42058 2022-005
    Material Weakness
  • 42059 2022-006
    Material Weakness
  • 42060 2022-007
    Material Weakness
  • 42062 2022-004
    Material Weakness
  • 42063 2022-005
    Material Weakness
  • 42064 2022-006
    Material Weakness
  • 42065 2022-007
    Material Weakness
  • 42066 2022-003
    Material Weakness
  • 42067 2022-004
    Material Weakness
  • 42068 2022-005
    Material Weakness
  • 42069 2022-006
    Material Weakness
  • 42070 2022-007
    Material Weakness
  • 42071 2022-003
    Material Weakness
  • 42072 2022-004
    Material Weakness
  • 42073 2022-005
    Material Weakness
  • 42074 2022-006
    Material Weakness
  • 42075 2022-007
    Material Weakness
  • 618498 2022-003
    Material Weakness
  • 618499 2022-004
    Material Weakness
  • 618500 2022-005
    Material Weakness
  • 618501 2022-006
    Material Weakness
  • 618502 2022-007
    Material Weakness
  • 618503 2022-003
    Material Weakness
  • 618504 2022-004
    Material Weakness
  • 618505 2022-005
    Material Weakness
  • 618506 2022-006
    Material Weakness
  • 618507 2022-007
    Material Weakness
  • 618508 2022-003
    Material Weakness
  • 618509 2022-004
    Material Weakness
  • 618510 2022-005
    Material Weakness
  • 618511 2022-006
    Material Weakness
  • 618512 2022-007
    Material Weakness
  • 618513 2022-003
    Material Weakness
  • 618514 2022-004
    Material Weakness
  • 618515 2022-005
    Material Weakness
  • 618516 2022-006
    Material Weakness
  • 618517 2022-007
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
81.049 Office of Science Financial Assistance Program $195,323