FAC Explorer

Finding 576870 (2022-003)

Material Weakness
Requirement
L
Questioned Costs
-
Year
2022
Accepted
2023-10-20
Audit: 905
Organization: Puerto Rico Industrial Development Company (PR)
Auditor: CPA Diaz Martinez Psc

AI Summary

  • Core Issue: PRIDCO lacks sufficient accounting records for both non-Federal and Federal funds.
  • Impacted Requirements: Financial statements may not be prepared accurately or on time due to inadequate records and controls.
  • Recommended Follow-Up: PRIDCO should enhance internal controls and ensure timely availability of supporting documentation.

Finding Text

RECOMMENDATION We recommend PRIDCO maintain adequate accounting records related to the non-Federal and Federal funds in order to properly prepare the financial statements accurately and in a timely manner. In addition, PRIDCO needs to implement adequate internal controls procedures in order to ensure that the supporting documentation is available in a timely manner.

Categories

Matching / Level of Effort / Earmarking Internal Control / Segregation of Duties

Other Findings in this Audit

  • 428 2022-003
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
97.036 Disaster Grants - Public Assistance (presidentially Declared Disasters) $881,110
14.228 Community Development Block Grants/state's Program and Non-Entitlement Grants in Hawaii $96,244
21.027 Coronavirus State and Local Fiscal Recovery Funds $15,188