Finding 573300 (2024-004)

Material Weakness
Requirement
P
Questioned Costs
-
Year
2024
Accepted
2025-08-12
Audit: 364080
Organization: Stoneleigh Housing, Inc. (NY)

AI Summary

  • Core Issue: Lack of adequate training and supervisory review for accounting staff increases the risk of errors in financial reporting.
  • Impacted Requirements: This weakness may lead to noncompliance with accounting standards.
  • Recommended Follow-Up: Implement a formal training program and ensure documented supervisory reviews for significant accounting tasks.

Finding Text

Material Weakness: As discussed in finding 2024-002 the organization does not provide adequate training for accounting staff, nor is there evidence of supervisory review of staff work. The absence of these controls increases the risk of errors or omissions in financial reporting and may result in noncompliance with applicable accounting standards. We recommend management implement a formal training program and require documented supervisory review of all significant accounting tasks to strengthen the control environment.

Corrective Action Plan

Action Taken: Stoneleigh Housing, Inc. agrees with the finding. The Board of Directors will be issuing a formal policy concerning fiscal management and responsibility. The Board of Directors has also approved and hired an independent booking keeping firm to alleviate the burden of staff training for fiscal matters.

Categories

Material Weakness Reporting Internal Control / Segregation of Duties

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
21.027 Coronavirus State and Local Fiscal Recovery Funds $220,258
81.042 Weatherization Assistance for Low-Income Persons $165,714
93.568 Low-Income Home Energy Assistance $66,152
14.191 Multifamily Housing Service Coordinators $44,614