Finding 496675 (2022-007)

Material Weakness
Requirement
L
Questioned Costs
-
Year
2022
Accepted
2024-09-12

AI Summary

  • Answer: Audit procedures were delayed due to a scope limitation in the findings report.
  • Trend: This issue may indicate ongoing challenges in meeting audit requirements.
  • List: Follow up by reviewing the scope limitations and adjusting timelines for future audits.

Finding Text

Due to the scope limitation noted in the single audit findings report there were delays in the performance of required audit procedures.

Corrective Action Plan

The Organization notes this was a result of an incident involving former management that ultimately resulted in legal proceedings which did not allow for our auditors to access underlying supporting documentation needed to complete the single audit in a timely manner. Former management has been replaced by a new management team. The new team has placed a significant emphasis on transparency and enhanced internal controls. The new team is cognizant of the reporting requirements and will adhere to the required reporting deadlines.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 496676 2022-008
    Material Weakness
  • 1073117 2022-007
    Material Weakness
  • 1073118 2022-008
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
21.024 Community Development Financial Institutions Rapid Response Program (cdfi Rrp) $935,000