Finding Text
Type of Finding:
Material Weakness in Internal Control over Financial Reporting
Condition: During the course of our audit, CliftonLarsonAllen LLP prepared the financial statements.
Criteria or specific requirement: A well-designed system of internal control should include policies and procedures to provide management with reasonable assurance year-end reporting of financial information and related disclosures is accurate and in according with accounting principles generally accepted in the United States of America.
Effect: The lack of staffing with sufficient knowledge indicates the possibility of the omission of necessary footnote disclosures consistent with generally accepted accounting principles.
Cause: CliftonLarsonAllen LLP prepared the financial statements.
Repeat Finding: See prior year finding 2022-001.
Recommendation: The financial statement preparation process should be part of the internal control system, although the Inner Voice may be financially limited in the hiring of personnel with an up-to-date understanding of accounting preannouncements, proper mitigating factors should be reflected including oversight by management.
Views of responsible officials and planned corrective actions: Management agrees with the finding. Inner Voice hired a Director of Finance with extensive experience in accounting and HR on October 16, 2023. The Director of Finance reports directly to the CFO.