Finding Text
As a result of our audit, we proposed thirty-seven (37) audit adjusting entries to correct the books as originally provided to us for audit. Most of these adjustments proposed were material to the financial statements. Adjustments were necessary for basis areas such as prepaid expense, replacement reserve, insurance escrow MIP escrow, fixed assets, accumulated depreciation, operating lease right-of-use asset, accounts payable, accrued expense, due to owner, accrued management fee, accrued mortgage interest, mortgage payable, right -of-use operating lease liability, revenue, and expenses.