FAC Explorer

Finding 65279 (2022-003)

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: The starting balance of net assets was off by about $657,000 compared to last year's ending balance.
  • Trend: This discrepancy suggests that the prior year's financial records may have been altered after the audit was closed.
  • List: Recommended follow-up includes reviewing the adjustments made to net assets and ensuring proper documentation for any changes to Accounts Receivable.

Finding Text

During the audit, the starting balance of net assets, when compared to last years ending balance, was off by approximately $657,000. We proposed adjustments to the net asset balance for approximately $657,000 with the offset correction to Accounts Receivable. A discrepancy in net assets generally means the books and records of the prior closed audit year were edited/changed in some manner.

Corrective Action Plan

CTANY agrees with the recommendation that the net asset starting balance be analyzed 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 the net asset starting balance is 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
  • 65278 2022-002
    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