Finding 497538 (2023-001)

Significant Deficiency

Requirement

Questioned Costs

Year

2023

Accepted

2024-09-20

Audit: 320275

Organization: Enon Plaza (LA)

Auditor: Wharton CPA LLC

AI Summary

Answer: Prior year audit entries were not posted by management.
Trend: This issue indicates a pattern of missing financial adjustments in records.
List: Management should ensure all audit entries are posted to align financial records with the audit report.

Finding Text

2023–1 Prior Year Audit Entries Not Posted Condition: Management failed to post prior year audit entries. Criteria: Agreed upon audit adjustments must be posted to the financial statements each year. Cause: The cause is undeterminable. Effect: The financial statement records did not contain all financial transactions of the property. Recommendation: I recommend management post audit entries to agree financial records to audit report.

Corrective Action Plan

The beginning balances of 2023 were not adjusted to the requested 2022 Audit Adjustment Entries received from the Auditor. We will record the adjusted journal entries of 2022 and 2023 in their respective periods

Other Findings in this Audit

497539 2023-002

Significant Deficiency
1073980 2023-001

Significant Deficiency
1073981 2023-002

Significant Deficiency

Programs in Audit

ALN	Program Name	Expenditures
14.157	Supportive Housing for Persons with Disabilities	$1.47M
14.195	Section 8 Housing Assistance Payments Program	$252,773
14.191	Multifamily Housing Service Coordinators	$22,886