Finding: U.S. GAAP requires that the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements, be recognized in the financial statements. The Corporation identified that subsequent events affecting accounts payable and accrued expenses as of June 30, 2021 were not considered by management. There were subsequent events that were identified which affected accounts payable and accrued expenses as of June 30, 2021 which were not considered by management.
Corrective Actions Taken or Planned: A process has been established in July 2022 in which Management performs a detailed review of journal entries that are recorded in the subsequent fiscal year to determine whether any portion of such journal entries should be reflected in the prior fiscal year-end financial statements.
Name of contact person responsible for corrective action: Caralton Brown, Assistant Controller and Jamie Mack, Vice President of Finance.