FAC Explorer

Finding 497540 (2023-001)

Significant Deficiency
Requirement
P
Questioned Costs
-
Year
2023
Accepted
2024-09-20
Audit: 320276
Organization: Rj Gordon (LA)
Auditor: Wharton CPA LLC

AI Summary

  • Answer: Prior year audit entries were not posted by management.
  • Trend: This oversight affects the accuracy of financial statements.
  • List: Management should ensure all audit adjustments 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.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 497541 2023-002
    Significant Deficiency
  • 497542 2023-003
    Significant Deficiency
  • 497543 2023-004
    Significant Deficiency
  • 497544 2023-005
    Significant Deficiency
  • 1073982 2023-001
    Significant Deficiency
  • 1073983 2023-002
    Significant Deficiency
  • 1073984 2023-003
    Significant Deficiency
  • 1073985 2023-004
    Significant Deficiency
  • 1073986 2023-005
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
14.157 Supportive Housing for the Elderly $581,949
14.195 Section 8 Housing Assistance Payments Program $275,848