Finding Text
Type of Finding: Material Weakness in Internal Control over Financial Reporting
Criteria: The Organization should have processes and procedures in place to reconcile balance sheet accounts.
Condition: During our audit, we noted errors, and proposed audit adjustments during substantive testing procedures.
Cause/Effect: Internal control processes over reconciling and reporting of balance sheet account balances were not operating effectively.
Questioned Costs: N/A
Recommendation: We recommend that procedures for reconciling all accounts on a monthly basis be strengthened.
Views of Responsible Officials and Correction Action:
Management’s response is reported in “Management’s Views and Corrective Action Plan” included at the end of this report.