Finding 957607 (2023-002)

Significant Deficiency
Requirement
P
Questioned Costs
-
Year
2023
Accepted
2024-03-19

AI Summary

  • Core Issue: Significant audit adjustments were needed to ensure financial statements comply with GAAP.
  • Impacted Requirements: The City lacks resources to prepare all necessary adjusting entries for accurate financial reporting.
  • Recommended Follow-Up: Enhance internal controls over financial reporting to prevent and correct misstatements.

Finding Text

Audit Adjustments: Criteria and Condition: Material audit adjustments were necessary for the financial statements to be presented in accordance with accounting principles generally accepted in the United States of America. Cause: The City does not have the resources to prepare all required adjusting entries necessary in preparing financial statements. Effect: Audit adjustments were necessary to correct material misstatements noted during the audit for the financial statements to be in compliance with GAAP. Recommendation: The Organization should review internal controls currently in place and improve internal controls over financial reporting which will prevent, or detect and correct, misstatements to the financial statements. View of Responsible Officials: Management of the Organization is in agreement with the finding.

Categories

Reporting Internal Control / Segregation of Duties

Other Findings in this Audit

  • 381164 2023-001
    Significant Deficiency Repeat
  • 381165 2023-002
    Significant Deficiency
  • 381166 2023-001
    Significant Deficiency Repeat
  • 381167 2023-002
    Significant Deficiency
  • 381168 2023-001
    Significant Deficiency Repeat
  • 381169 2023-002
    Significant Deficiency
  • 381170 2023-001
    Significant Deficiency Repeat
  • 381171 2023-002
    Significant Deficiency
  • 957606 2023-001
    Significant Deficiency Repeat
  • 957608 2023-001
    Significant Deficiency Repeat
  • 957609 2023-002
    Significant Deficiency
  • 957610 2023-001
    Significant Deficiency Repeat
  • 957611 2023-002
    Significant Deficiency
  • 957612 2023-001
    Significant Deficiency Repeat
  • 957613 2023-002
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
14.871 Section 8 Housing Choice Vouchers $815,210
14.879 Mainstream Vouchers $201,405
14.850 Public and Indian Housing $149,065
14.872 Public Housing Capital Fund $59,750