Finding Text
During the audit, there were several errors which would be expected to have been discovered during the financial close process or review of the financial reports. Adjustments were needed to correct improperly expensed fixed assets and correct depreciation expense, correct rent and other expenses and prepaid expenses, correct payroll and other benefits expenses and accruals, and correct government grants revenue and the related refundable advance balances. As a result, net adjustments were recorded which decreased property and equipment by approximately $7,000,000, increased accounts payable and accrued expenses by approximately $2,100,000, decreased refundable advances by $25,300,000, and increased government grant revenue and various expenses by approximately $25,300,000. There were also adjustments to correct the classification of various expenses and liabilities.