FAC Explorer

Finding 524485 (2024-001)

Significant Deficiency
Requirement
G
Questioned Costs
-
Year
2023
Accepted
2025-02-26
Audit: 343831
Organization: Pop Biotechnologies Inc. (NY)
Auditor: Jeffrey Jackson CPA PC

AI Summary

  • Core Issue: POP Biotechnologies Inc does not have adequate internal controls for expenditures exceeding a set limit.
  • Impacted Requirements: The absence of a second approver for large purchases undermines the company's procurement policy.
  • Recommended Follow-up: Implement a second approval process for expenditures above the defined threshold to enhance oversight.

Finding Text

POP Biotechnologies Inc lacks internal controls on expenditures in excess of a pre-defined threshold. Purchasing thresholds are used to monitor and control large purchases above a stated threshold. A threshold also provides additional oversight in the purchasing process. A second approver for payment of certain expenditures in excess of the stated threshold in a company procurement policy is considered a strong control.

Corrective Action Plan

In 2024, POP Biotechnologies, Inc is implementing new processes and exploring solutions including Bill.com. These solutions will improve oversight and add an approval process to our procurement process and comply § 75.303 Internal controls

Categories

Procurement, Suspension & Debarment Internal Control / Segregation of Duties

Other Findings in this Audit

  • 524486 2024-002
    Significant Deficiency
  • 524487 2024-003
    Significant Deficiency
  • 1100927 2024-001
    Significant Deficiency
  • 1100928 2024-002
    Significant Deficiency
  • 1100929 2024-003
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
93.395 Interstitial Chemophototherapy with Light-Activated Nanoparticulate Doxorubicin [phase Ii] $1.00M
93.866 A Liposomal Platform for Spontaneous, Particleized Presentation of Hiv Trimer Immunogen $599,897
93.855 Developing A Thermostable Sars-Cov-2 Rbd-Particle Vaccine $299,991