FAC Explorer

Finding 9204 (2022-009)

Material Weakness
Requirement
B
Questioned Costs
-
Year
2022
Accepted
2024-01-19
Audit: 12566
Organization: Urban Development Corporation (IL)
Auditor: Alexander Mannie & Company PC

AI Summary

  • Core Issue: Missing documentation and incorrect recording of invoices led to multiple exceptions in cash disbursements.
  • Impacted Requirements: 11 instances of missing vendor invoices, 40 instances of invoices recorded in the wrong period, and 2 instances of missing cancelled checks.
  • Recommended Follow-up: Ensure all invoices and checks are properly documented and recorded in the correct accounting periods to prevent future discrepancies.

Finding Text

During our testing of cash disbursements and search for unrecorded liabilities, we noted the following: 1. The vendor's invoice is unavailable for examination purposes. 11 (eleven) exceptions were noted. 2. Invoice recording in the incorrect accounting period. 40 (forty) exceptions noted. 3. Cancelled check was unavailable for examination purposes. 2 (two) exceptions were noted.

Corrective Action Plan

The Project will follow HUD Internal Controls Over Cash Disbursements.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 9196 2022-001
    Material Weakness
  • 9197 2022-002
    Material Weakness
  • 9198 2022-003
    Material Weakness
  • 9199 2022-004
    Material Weakness Repeat
  • 9200 2022-005
    Material Weakness Repeat
  • 9201 2022-006
    Material Weakness
  • 9202 2022-007
    Material Weakness
  • 9203 2022-008
    Material Weakness
  • 9205 2022-001
    Material Weakness
  • 9206 2022-002
    Material Weakness
  • 9207 2022-003
    Material Weakness
  • 9208 2022-006
    Material Weakness
  • 9209 2022-007
    Material Weakness
  • 9210 2022-008
    Material Weakness
  • 585638 2022-001
    Material Weakness
  • 585639 2022-002
    Material Weakness
  • 585640 2022-003
    Material Weakness
  • 585641 2022-004
    Material Weakness Repeat
  • 585642 2022-005
    Material Weakness Repeat
  • 585643 2022-006
    Material Weakness
  • 585644 2022-007
    Material Weakness
  • 585645 2022-008
    Material Weakness
  • 585646 2022-009
    Material Weakness
  • 585647 2022-001
    Material Weakness
  • 585648 2022-002
    Material Weakness
  • 585649 2022-003
    Material Weakness
  • 585650 2022-006
    Material Weakness
  • 585651 2022-007
    Material Weakness
  • 585652 2022-008
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $2.44M
14.195 Section 8 Housing Assistance Payments Program $1.00M