FAC Explorer

Finding 570788 (2024-002)

Material Weakness
Requirement
C
Questioned Costs
-
Year
2024
Accepted
2025-07-08
Audit: 361730
Organization: Figgers Foundation INC (FL)
Auditor: Jpa Financial Group LLC

AI Summary

  • Core Issue: There is a lack of proper documentation for vendors and contractors, leading to potential misclassification of expenses.
  • Impacted Requirements: This affects compliance with financial reporting standards and internal controls.
  • Recommended Follow-Up: Implement a review process to ensure all vendor and contractor documentation is complete and correctly classified.

Finding Text

LAKE OF PROPER VENDOR/CONTRACTOR DOCUMENTATION EXPENSE CLASSIFICATION

Corrective Action Plan

The foundation will establish a vendor file system, create cost allocation templates, and train the accounting team on functional expense reporting.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 570787 2024-001
    Material Weakness
  • 1147229 2024-001
    Material Weakness
  • 1147230 2024-002
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
93.493 Congressional Directives $2.20M