Finding Text
Cash Recorded from Bank Account of Another Entity:
Condition: Family Center of Hope provided financial statements including cash of $578,214 that
is in the bank account of another entity. The financial statements also included significant
expenses paid from the same bank account.
Criteria: The financial statements of any entity should include only the assets owned by them.
Cause: The cause is undeterminable.
Effect: The agency provided financial statements that did not present fairly their financial
position.
Recommendation: It is recommended that the agency compile financial statements that include
only the assets owned by them.