Core Issue: The Fayetteville Housing Authority failed to provide necessary documentation for its expenditures.
Impacted Requirements: Accurate record keeping and adequate audit trails are not being met.
Recommended Follow-Up: Implement a system to ensure proper maintenance of source documents and financial records.
Finding Text
2020-010 Missing Documentation - Invoices for Accounts Payable Purchases
Criteria:
Accurate record keeping and reporting are crucial to the successful management of Housing Authority funded activities. The Housing Authority is charged with maintaining source documents and files that support the financial transactions recorded in the books, providing an adequate audit trail.
Condition:
The Fayetteville Housing Authority was unable to produce requested documents and receipts supporting Fayetteville Housing Authority expenditures.
Questioned Costs:
Cannot be determined, due to incomplete information.
Effect:
The Fayetteville Housing Authority’s expenditures were not supported.
Cause:
Lack of Management oversight
Recommendation:
We recommend the Fayetteville Housing Authority implement a system to maintain source documents and files that support the financial transactions.
Categories
Procurement, Suspension & DebarmentReportingInternal Control / Segregation of Duties