Finding 9205 (2022-001)

Material Weakness
Requirement
L
Questioned Costs
-
Year
2022
Accepted
2024-01-19

AI Summary

  • Answer: We identified thirty-seven necessary adjustments to correct the financial statements.
  • Trend: Most adjustments were significant and affected key areas like prepaid expenses and fixed assets.
  • List: Follow up on adjustments related to accounts payable, accrued expenses, and revenue to ensure accuracy.

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.

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
  • 9204 2022-009
    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