FAC Explorer

Finding 537963 (2023-001)

Material Weakness
Requirement
B
Questioned Costs
-
Year
2023
Accepted
2025-03-27
Audit: 348997
Organization: Autoridad Del Distrito Del Centro De Convenciones (PR)
Auditor: Rsm Puerto Rico

AI Summary

  • Answer: Management found errors leading to an overstatement of revenue from ARPA grants.
  • Trend: This issue affects the Authority's previously issued financial statements.
  • List: Follow up on correcting the financial statements and ensure accurate reporting moving forward.

Finding Text

During the year ended June 30, 2023, management identified certain errors related to a net overstatement of revenue from the American Rescue Plan Act (ARPA) grants that impact the Authority’s previously issued financial statement.

Corrective Action Plan

Management acknowledges the audit finding regarding the overstatement of revenue from ARPA grants. During the fiscal year 2023 financial reporting process, management identified an error related to the deferred revenue calculation and reported it to external auditors. In response, a comprehensive review of revenue recognition processes for grant funding was conducted. Remediated in FY 2023.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 537964 2023-002
    Material Weakness
  • 537965 2023-003
    Material Weakness
  • 537966 2023-004
    -
  • 537967 2023-005
    Significant Deficiency
  • 537968 2023-006
    Significant Deficiency Repeat
  • 1114405 2023-001
    Material Weakness
  • 1114406 2023-002
    Material Weakness
  • 1114407 2023-003
    Material Weakness
  • 1114408 2023-004
    -
  • 1114409 2023-005
    Significant Deficiency
  • 1114410 2023-006
    Significant Deficiency Repeat

Programs in Audit

ALN Program Name Expenditures
21.027 Coronavirus State and Local Fiscal Recovery Funds $9.48M
97.036 Disaster Grants - Public Assistance (presidentially Declared Disasters) $594,115