Answer: Internal control procedures need enhancements to ensure accurate financial reporting.
Trend: Inconsistent booking of expenditures in the correct accounting periods has been identified as a recurring issue.
List: Review and update accounting practices to align expenditures with the correct periods.
Finding Text
The internal control procedures require improvements. The primary concern was that some expenditures were not consistently booked in the appropriate accounting period.
Corrective Action Plan
The Management has hired two accounting personnel more knowledgeable in accounting and grant management. In addition, management will regularly review and update internal control procedures to accommodate organizational changes.