Finding 974935 (2023-001)

Material Weakness
Requirement
A
Questioned Costs
-
Year
2023
Accepted
2024-05-24
Audit: 307211

AI Summary

  • Answer: The organization's financial statements contained significant errors that needed correction.
  • Trend: Insufficient qualified accounting personnel contributed to these material misstatements.
  • List: Allocate more resources to the accounting team to improve the accuracy of financial statements.

Finding Text

Criteria: An organization’s financial statements should be fairly stated in all material respects. Condition: The Organization’s initial financial statements had various material errors. Cause: The Organization did not allocate adequate resources of qualified accounting personnel to the task of maintaining the accounting records of the Organization. Effect: The auditors identified several material misstatements in the initial financial records, which necessitated multiple adjusting journal entries to ensure the accuracy of the financial statements. Recommendation: Additional resources should be allocated to accounting so that the financial statements are materially correct.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 398492 2023-001
    Material Weakness
  • 398493 2023-001
    Material Weakness
  • 398494 2023-001
    Material Weakness
  • 398495 2023-001
    Material Weakness
  • 974934 2023-001
    Material Weakness
  • 974936 2023-001
    Material Weakness
  • 974937 2023-001
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
93.332 Cooperative Agreement to Support Navigators in Federally-Facilitated and State Partnership Marketplaces $655,395
93.676 Unaccompanied Alien Children Program $184,506
21.008 Low Income Taxpayer Clinics $60,000
93.044 Special Programs for the Aging_title Iii, Part B_grants for Supportive Services and Senior Centers $37,105