Finding Text
Criteria:
The Authority should take the steps necessary to ensure accuracy and completeness of the financial statements.
Condition:
This audit required a number of significant adjusting journal entries. These entries were necessary because certain unadjusted general ledger accounts were incorrect and/or not recorded correctly.
Questioned Costs:
None noted.
Effect:
The PHA’s financial statements before any adjusting entries contained errors and/or were not properly recorded.
Cause:
This appears to be an oversight by the Authority.
Recommendation:
I recommend that the Authority exercise more care in processing and recording transactions and that more care be taken to ensure the completeness of financial reporting.
Management’s Response:
First and foremost, I, Erica Crawley, apologize for these careless oversights on the accounts that are needing adjustments. I have never had this many or seriousness of adjustments in the last 12 years that I have been doing this job. The Sullivan Housing Authority has had more going on this last year, particularly around the time I was working on closing the books for fiscal year end 3/31/2024. I understand that there is no acceptable excuse for these oversights, but I have been taking notes during the audit so this will not happen again. As of today, September 19, 2024, I have been in contact with our fee accountant about adding additional services to our contract