Finding Text
2021-003 Missing Documentation
Criteria:
Accurate record keeping and reporting are crucial to the successful management of the housing authority’s funded activities. The Authority is charged with maintaining source documents and files that support the financial transactions recorded in the books, providing an adequate audit trail.
Condition:
The Authority was unable to produce requested documents and receipts supporting Housing Authority expenditures, including but not limited to bank statements, payroll, retirement, accounts receivable, accounts payable, governmental revenues, internal control policy, personnel policy, tenant admissions policy, capitalization policy and procurement policy.
Questioned Cost:
Cannot be determined, due to incomplete information.
Effect:
The Housing Authority’s financial statements are not supported.
Cause:
Lack of prior management oversight.
Recommendation:
We recommend the Housing Authority implement a system to maintain source documents and files that support the financial transactions, as well as putting into place policies in which to follow.