Finding 971381 (2023-001)

Type of Finding: Significant Deficiency Criteria: The Project is responsible for ensuring proper cut-off of accounts payable to help ensure the financial statements are prepared in accordance with U.S. GAAP. Condition: Two invoices were noted as being improperly excluded from the accounts payable listing. Cause: The Project posted invoices received after year-end to January 2024 rather than reflecting them within 2023. Questioned Costs: None Effect: Procedures were not in place to ensure costs incurred prior to year-end were properly reflected within accounts payable. Recommendation: We recommend the Project strengthen procedures to ensure proper cut-off is achieved for accounts payable. Views of Responsible Officials: Management concurs with the finding and recommendations. Auditor’s Summary of Auditee’s Comments: The Project posted invoices after year-end to January 2024 rather than reflecting them within 2023. Management concurs with the finding and recommendations. Management’s Response: Management concurs with the finding and recommendations. Management will implement an additional review step to evaluate the timing of when such costs are incurred in order to ensure accounts payable includes all applicable invoices.