Answer: Surplus cash from 2019 was not deposited on time.
Trend: This delay could indicate ongoing issues with cash management practices.
List: Ensure timely deposits in the future and review cash handling procedures.
Finding Text
Surplus cash as of December 31, 2019 was not deposited into the Project's residual receipts account within 90 days after year end.
Corrective Action Plan
We agree that surplus cash deposit was not made in FY2019, and the recommendations described above. Management will deposit any surplus cash required into the residual receipts in future periods.