Finding 529307 (2024-001)

Multiple material changes to year end numbers as a result of audit procedures- During the course of our audit multiple areas required a significant number of journal entries to correct balances, of which several were material to the financial statements as a whole that having not been made would have resulted in the financial statements not being in accordance with Generally Accepted Accounting Procedures. Criteria: Management should verify all accounts are reconciled on an ongoing basis throughout the year and accurately reflected prior to the audit and that accurate cutoff at year end is achieved. Cause: Policies that need updating and staff turnover Effect: Unrecorded activity and inaccurate balances were noted Recommendation: All balance sheet accounts should be reconciled timely to ensure balances reflected properly and cutoff procedures performed to ensure activity is recorded in the proper period Management Response: Management will reconcile all balance sheet accounts timely and properly reflected at year end and that proper cutoff procedures are done to ensure recording activity to the proper period