Core Issue: The Fayetteville Housing Authority could not find receipts for credit card purchases, impacting audit verification.
Impacted Requirements: Missing documentation prevents accurate financial statement assessments and compliance with federal audit standards.
Recommended Follow-Up: Management should improve record-keeping practices to ensure all transaction receipts are securely maintained.
Finding Text
2022-018 Missing Documentation - Receipts for Credit Card Purchases
Federal Awards:
14-850 Public and Indian Housing Low Rent Program
Criteria:
Requested information should be readily available for audit examination.
Condition:
The Fayetteville Housing Authority was unable to locate some receipts to credit card purchases for audit examination.
Questioned Costs:
Undetermined due to missing documentation.
Effect:
We are unable to determine the accuracy of the financial statement amounts due to lack of supporting documentation.
Cause:
Prior management of the Fayetteville Housing Authority did not secure all the required receipts for supporting documentation.
Recommendation:
We recommend the Fayetteville Housing Authority's management place a greater emphasis in safe keeping its records
to ensure all receipts for every transaction is accounted for.
Corrective Action Plan
Views of Responsible Officials and Planned Corrective Actions:
Due to a change in personnel, the current administration encountered difficulties in locating and furnishing credit
card receipts. The Executive Director and Director of Finance have conscientiously implemented strategies since
assuming their roles to create a structured electronic record-keeping system for all receipts. They have also
established a meticulous protocol for the preservation of original documents, streamlining the review process for
greater convenience and efficiency.