Finding Text
Downeast Transportation is responsible for the preparation of the basic financial statements and all accompanying information and the fair presentation in conformity with U.S. generally accepted accounting principles. This requires them to perform a year-end closing process to accumulate, reconcile and summarize information for inclusion in the annual financial statements. We identified that four (4) buses acquired from a federal grant were not properly recorded on the fixed asset list and related grant revenue. Therefore not included in the annual financial statements.