Finding 572049 (2024-006)

Material Weakness
Requirement
ABCGHI
Questioned Costs
-
Year
2024
Accepted
2025-07-28
Audit: 363166
Organization: East Franklin Township (PA)
Auditor: Jmallc

AI Summary

  • Answer: The audit found discrepancies in fixed asset accounting related to the Clean Water State Revolving Fund Non-Equivalency Project.
  • Trend: There is a pattern of inconsistent asset reporting and valuation practices that could lead to financial misstatements.
  • List: Review fixed asset policies, ensure accurate reporting, and conduct training for staff on compliance requirements.

Finding Text

Fixed Asset Accounting – Clean Water State Revolving Fund Non-Equivalency Project

Corrective Action Plan

The Township recognizes that the lack of maintaining a fixed asset ledger adds to the risk of misstating the General Fixed Assets column of the DCED prescribed form and increases the risk of noncompliance with federal grant requirements. To mitigate this risk, the Supervisors need to be more actively involved in reviewing and approving all purchases of fixed assets. The Township is not in a financial position to pay an outside service provider to aid in developing a fixed asset ledger.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 572048 2024-005
    Material Weakness
  • 572050 2024-007
    Significant Deficiency
  • 572051 2024-008
    Significant Deficiency
  • 1148490 2024-005
    Material Weakness
  • 1148491 2024-006
    Material Weakness
  • 1148492 2024-007
    Significant Deficiency
  • 1148493 2024-008
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
66.458 Clean Water State Revolving Fund $1.41M