Answer: There are significant issues with our internal controls related to financial reporting.
Trend: This material weakness could lead to inaccurate financial statements and increased risk of errors.
List: Immediate action is needed to strengthen controls and ensure compliance for the award year 2022-2023.
Finding Text
Finding: Ineffective internal controls over financial reporting
Type of Finding: Material Weakness
Award year: July 1, 2022 – June 30, 2023
Corrective Action Plan
Management concurs with the recommendation. Management has implemented policies and procedures in Accounting Procedure Manual to ensure revenue would be recorded properly.
Categories
Material WeaknessReportingInternal Control / Segregation of Duties