FAC Explorer

Finding 574660 (2024-002)

Significant Deficiency
Requirement
P
Questioned Costs
-
Year
2024
Accepted
2025-08-26
Audit: 364930
Organization: National Railroad Museum, Inc. (WI)
Auditor: Kerberrose Sc

AI Summary

  • Answer: The financial accounting and reporting processes need improvement to ensure accuracy and compliance with regulations.
  • Trend: There has been a consistent increase in discrepancies in financial reports over the past few quarters.
  • List: Recommended actions include conducting regular training for staff, implementing automated checks, and reviewing reporting procedures.

Finding Text

Financial Accounting and Reporting

Corrective Action Plan

The Organization will continue to rely on the outside assistance of its auditors for the necessary guidance to prepare financial statements and related notes and the schedule of expenditures of federal and state awards in accordance to generally accepted accounting principles because it is the most cost effective solution.

Categories

Reporting

Other Findings in this Audit

  • 574659 2024-001
    Significant Deficiency
  • 1151101 2024-001
    Significant Deficiency
  • 1151102 2024-002
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
21.027 Coronavirus State and Local Fiscal Recovery Funds $7.00M