Answer: The audit was completed later than scheduled, indicating a material weakness in our processes.
Trend: This delay could lead to recurring issues if not addressed, affecting overall compliance and reporting.
List: Recommend reviewing audit timelines, improving resource allocation, and implementing regular progress checks to prevent future delays.
Finding Text
Material Weakness: Late Completion of Audit
Corrective Action Plan
The organization has addressed this issue by hiring a qualified CFO with the skills and experience necessary to manage the audit process and ensure timely preparation of required documentation. The CFO will implement an annual audit prep calendar and oversee ongoing readiness for year-end close and audit engagement.