Action(s) Taken or Planned on the Finding:
Our plan to correct the general ledger system and accurately account for
transactions going forward is as follows:
1.) Hire an experienced Chief Financial Officer to implement
best practices within the organization’s accounting function.
2.) Develop processes to ensure that significant balance sheet
accounts, including cash, investments, and receivables, are
reviewed and reconciled each month.
3.) Hire a general ledger specialist whose primary focus will be on
accounting for and reconciling receivable balances.
These steps will allow us to account for transactions accurately and report correct financial statement balances.
Anticipated Completion Date:
The new Chief Financial Officer started September 30, 2024. The
implementation of new processes and procedures will begin in December 2024 and once established will continue indefinitely. The hiring process for the additional staff is expected to commence in December 2024.