Finding Text
Criteria
The Authority must maintain an adequate system of internal controls over financial reporting in order
to initiate, authorize, record, process, and report financial data reliably in accordance with accounting
principles generally accepted in the United States of America.
Condition
Financial information was not available timely to meet the reporting deadlines for the Data
Collection Form and FDS submissions.
Questioned Costs
Unknown.
Cause
The Authority has not implemented the processes and controls over its finance function needed
to prepare accurate and timely financial information that can be used for management decisions.
Effect
Accurate financial information was not available to make management decisions. Additionally,
this resulted in a delay in completing the audit.
Recommendation
The Authority must implement processes and controls to ensure accurate interim and year-end
financial statements. Adequate and accurate financial information is vital to make management
decisions that impact the Authority. This information must be shared timely and discussed to
make the necessary changes that are needed and to prepare the proper cash flow projections.