FAC Explorer

Finding 65278 (2022-002)

Material Weakness
Requirement
P
Questioned Costs
-
Year
2022
Accepted
2023-03-01
Audit: 65627
Organization: Cable Telecommunications Association of New York, Inc. (NY)
Auditor: Cusack & Company Cpa's

AI Summary

  • Answer: We identified significant errors in accounts payable and grant expenses that need correction.
  • Trend: This issue highlights a recurring problem with recording initial bills, leading to inaccurate financial statements.
  • List: Recommended follow-up includes adjusting accounts payable by about $353,000 and reviewing the billing process to prevent future discrepancies.

Finding Text

During the audit there were material audit adjustments we proposed to correct accounts payable and related grant expenses. Checks were posted offsetting accounts payable but an initial bill was never recorded to the appropriate expense account. We proposed adjustments to accounts payable for approximately $353,000 to correct the balance.

Corrective Action Plan

CTANY agrees with the recommendation that accounts payable and related expenses should be monitored for accuracy. Due to management transition over the past year, the CTANY board and administrative consultants are working to ensure that best practices are put in place going forward to ensure accounts payable and related expenses are constantly monitored. In terms of the outside accountant CTANY is considering the option of consulting with an outside firm to help manage the books and accounting records per the recommendations of this audit report.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 65277 2022-001
    Material Weakness
  • 65279 2022-003
    Material Weakness
  • 641719 2022-001
    Material Weakness
  • 641720 2022-002
    Material Weakness
  • 641721 2022-003
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
20.600 National Priority Safety Program, Ctany 2022 Statewide Gtsc Outreach Campaign $956,022