Finding Text
2022-005: REPORTING Criteria: SF-425 reports are required to be timely and accurately filed based upon grant agreement timelines. Condition: SF-425 reports were not completed accurately due to incorrect financial data. Cause: The Company did not maintain accurate financial statements as noted in finding 2022-001. Effect: The Company failed to submit accurate SF-425 reports. Questioned Costs: N/A Perspective Information: The issue is considered to be prevalent throughout the financial statements. Repeat Findings: Not a repeat finding. Context: Testing was conducted on two SF-425 reports out of eight reports submitted for the calendar year. 100% of the reports tested had deviations between the source documents and the submitted reports for the reporting period. Recommendation: The Company should maintain proper accrual based financials in accordance with U.S. GAAP as required by grant agreements. View of Responsible Officials and Planned Corrective Action: The Company will maintain proper accrual based financials in accordance with U.S. GAAP as required by grant agreements.