FAC Explorer

Finding 498198 (2023-001)

Significant Deficiency
Requirement
P
Questioned Costs
-
Year
2023
Accepted
2024-09-25
Audit: 320968
Organization: Rev. Dr. Clay Evans Manor (LA)
Auditor: Wharton CPA LLC

AI Summary

  • Answer: Management did not post prior year audit entries.
  • Trend: This issue affects the accuracy of financial statements, leading to incomplete records.
  • List: Management should ensure all audit adjustments are posted to align financial records with the audit report.

Finding Text

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

  • 498199 2023-002
    Significant Deficiency
  • 498200 2023-003
    Significant Deficiency
  • 498201 2023-004
    Significant Deficiency
  • 498202 2023-005
    Significant Deficiency
  • 1074640 2023-001
    Significant Deficiency
  • 1074641 2023-002
    Significant Deficiency
  • 1074642 2023-003
    Significant Deficiency
  • 1074643 2023-004
    Significant Deficiency
  • 1074644 2023-005
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
14.157 Supportive Housing for the Elderly $6.45M
14.195 Section 8 Housing Assistance Payments Program $691,627
14.191 Multifamily Housing Service Coordinators $66,693