Finding Text
Criteria:
There was a material audit adjustment identified as a result of our audit procedures performed for
the year ending June 30, 2024.
Condition:
There is no guidance on the treatment of funds received during the current fiscal period and an
adjustment was required after the audit had commenced for the year ended June 30, 2024.
Cause:
There was not proper accountability of the accounting firm in order to complete the audit by the
required timeframe for the year ending June 30, 2024.
Effect or potential effect:
The June 30, 2024 financial statements prepared by management were materially misstated due to the
timing of an adjustment management provided after the commencement of the audit.
Identification of Repeat Finding:
This is a repeat finding of number 2023-001.
Recommendation:
We recommend that the Organization establish policies and procedures surrounding the month-end
general ledger close process that ensures that all general ledger account balances are properly
reconciled and approved by a separate individual.
View of Responsible Official:
Management is in agreement with this finding and has increased the level of communication with the
new
accounting firm to ensure all adjustment are entered prior to the commencement of the audit.