Finding Reference Number: 2022-003
Name of Responsible Person: Steve Sturgill, Executive Director
Reporting Views of Responsible Officials: We concur that the Organization does not consistently review grant agreement required reports prior to their submission and properly store record of the report summitted, supporting documentation and the date the report was submitted.
Concur or Do Not Concur with this Finding: Concur
Agree or Disagree with Auditor Recommendations: Agree
Completion Date of Proposed Completion Date: October 31, 2024
Actions Taken or Planned on this Finding: We acknowledge the material weaknesses identified in the financial statements and related to federal awards as well as the qualified audit opinion issued by Tidwell regarding our compliance for the major programs for the year ended October 31, 2022. The material weaknesses identified and the qualified audit opinion on compliance for the major programs indicates that while the financial statements -provide a true and fair view of our financial position, there are specific areas that require attention and improvement. We appreciate the thoroughness of the audit process conducted by Tidwell Group, LLC, which has provided
valuable insights into our financial reporting practices. In response to the material weaknesses identified and the qualified audit opinion regarding compliance for major programs, we are committed to addressing the concerns raised by the auditors.
Our immediate steps include:
1) Reviewing Accounting Policies: We will review and possibly revise our accounting policies to ensure they are aligned with industry standards and regulatory requirements.
2) Enhancing Internal Controls: We recognize the importance of robust internal controls. Therefore, we will strengthen our internal control mechanisms to mitigate risks and ensure the accuracy of financial reporting.
3) Improving Financial Reporting Practices: We will enhance our financial reporting practices to provide more transparent and comprehensive disclosures.
4) Engaging with Stakeholders: We will communicate openly with our stakeholders, including board members, regulators, and creditors, to address any concerns arising from the material weaknesses identified and the qualified audit opinion regarding compliance for major programs.
5) Continuous Improvement: Lastly, we are committed to continuous improvement in our financial reporting processes to maintain the highest standards of transparency and accountability. We remain confident in the strength of our underlying business operations and our longterm growth prospects. The material weaknesses identified and the qualified audit opinion regarding compliance for major programs does not impact our ability to operate effectively or our financial stability. We have made internal changes and are working with consultants to make improvements to our system. We appreciate the ongoing support of our board, employees, and stakeholders as we work diligently to implement the necessary improvements highlighted by the audit process.