Finding Text
2023-001 Financial Management — Accounting System and Reporting Practices
Criteria
As stated in Uniform Guidance Part 200.302 — Standards for Financial management: (3) The financial management system of other grantees and sub-grantees must meet the following standards:
(3) Accounting records: Grantees and sub-grantees must maintain records which adequately identify the source and application of funds provided for financially assisted activities. These records must contain information pertaining to grant or subgrant awards and authorizations, obligations, un-obligated balances, assets, liabilities outlays or expenditures and income.
Condition
The accounting records did not identify any record or disclose information related to the funds, assets and liabilities.
Cause
The Board's accounting system is in the process of completing the integration of accounting
software to maintain records of funds, assets and liabilities. The Board's funds are, by law, under custody and control of the Secretary of the Treasury and are also accounted for in the Commonwealth's Central Government Accounting Systems (CGAS). Effect
The Board does not have complete financial information that could affect the decision-making process.
Questioned cost
None
Perspective information
N/A
Repeat finding
2022-001
Recommendation
The Board needs to complete the integration process of its accounting system that will provide complete financial information.
View of responsible Official
Management agrees.
Official
Mr. Andres Ruiz, Finance Director