Finding Text
Condition: Several significant adjustments were required to present the financial statements in accordance with accounting principles generally accepted in the United States of America. Criteria: An effective system of internal control allows management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. Effect: Significant adjustments that were material in the aggregate in relation to the financial statements were not detected and recorded on a timely basis. Cause: Material adjustments were required to be made to the Organization's deferred revenue, revenue and net asset accounts. Recommendation: We recommend the Organization review its policies and procedures to ensure that all account balances and transactions are periodically reviewed for proper treatment in accordance with accounting principles generally accepted in the United States.