FAC Explorer

Finding 538150 (2023-001)

Material Weakness
Requirement
P
Questioned Costs
-
Year
2023
Accepted
2025-03-27
Audit: 349163
Organization: Okaloosa Walton Homeless Continuum of Care, Opportunity, Inc. (FL)
Auditor: Kaye Kendrick Enterprises LLC

AI Summary

  • Answer: Financial statements must comply with GAAP and be submitted on time.
  • Trend: Timeliness and accuracy in audit reporting are critical for compliance.
  • List: Ensure adherence to federal reporting deadlines and GAAP standards.

Finding Text

Financial statements in accordance with Generally Accepted Accounting Principles (GAAP) and timely submission of required audit reporting needs to be done accurately and in accordance with the federal reporting due date.

Corrective Action Plan

The Organization hired a new executive director during the last fiscal year and has recently procured a new accounting service that can provide the expertise and oversight needed to the executive director to help ensure the Organization can accomplish timely and accurate financial reporting

Categories

Reporting

Other Findings in this Audit

  • 538151 2023-001
    Material Weakness
  • 538152 2023-001
    Material Weakness
  • 538153 2023-001
    Material Weakness
  • 1114592 2023-001
    Material Weakness
  • 1114593 2023-001
    Material Weakness
  • 1114594 2023-001
    Material Weakness
  • 1114595 2023-001
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
14.231 Emergency Solutions Grant Program $576,392
14.267 Continuum of Care Program $182,372
93.558 Temporary Assistance for Needy Families $33,994
14.218 Community Development Block Grants/entitlement Grants $10,726