Finding Text
Criteria
The Commission 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 Commission 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 Commission 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 Commission. This information must be shared timely and discussed to
make the necessary changes that are needed and to prepare the proper cash flow projections.