Finding 560052 (2024-001)

Significant Deficiency
Requirement
P
Questioned Costs
-
Year
2024
Accepted
2025-05-11

AI Summary

  • Answer: Bank statements were not reconciled with the general ledger for multiple months.
  • Trend: This lack of reconciliation can lead to unnoticed errors and unresolved issues over time.
  • List: Recommend implementing monthly reconciliations to ensure timely identification and resolution of discrepancies.

Finding Text

Condition/Context: During our audit we identified that bank statements were not reconciled to the appropriate general ledger accounts for several months during the fiscal year. Not reconciling the accounts on a monthly basis means that errors or other problems might not be recognized and resolved on a timely basis.

Corrective Action Plan

NJSGC agrees with the recommendation. NJSGC will reconcile bank accounts on a monthly basis.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 1136494 2024-001
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
11.417 Sea Grant Support $2.84M
11.419 Coastal Zone Management Administration Awards $131,645
66.461 Regional Wetland Program Development Grants $125,957
15.616 Clean Vessel Act $56,946
66.605 Performance Partnership Grants $36,646