Scribd Logo
Upload

Welcome to Scribd!

  • Audits - A1 - Rev

    Uploaded by

    America's Service Commissions
    12 views1 page
    This document discusses common oversight and audit findings for an organization. It contains 7 potential findings that were identified by auditors, along with the consequences and risks of each finding and plans to prevent future occurrences. The findings include a lack of documentation for an in-kind donation, an accounting system that did not track expenditures by grant, a reconciliation error between the general ledger and financial report, absence of cash management policies and procedures, paid leave charged to a grant while a director was ill, having the same accountant perform the required audit, and relying only on self-reported surveys from subgrantees to evaluate financial compliance.

    Original Description:

    Audits - A1_rev

    Original Title

    Audits - A1_rev

    Copyright

    © Attribution Non-Commercial (BY-NC)

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    This document discusses common oversight and audit findings for an organization. It contains 7 potential findings that were identified by auditors, along with the consequences and risks of each finding and plans to prevent future occurrences. The findings include a lack of documentation for an in-kind donation, an accounting system that did not track expenditures by grant, a reconciliation error between the general ledger and financial report, absence of cash management policies and procedures, paid leave charged to a grant while a director was ill, having the same accountant perform the required audit, and relying only on self-reported surveys from subgrantees to evaluate financial compliance.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    12 views1 page

    Audits - A1 - Rev

    Uploaded by

    America's Service Commissions
    This document discusses common oversight and audit findings for an organization. It contains 7 potential findings that were identified by auditors, along with the consequences and risks of each finding and plans to prevent future occurrences. The findings include a lack of documentation for an in-kind donation, an accounting system that did not track expenditures by grant, a reconciliation error between the general ledger and financial report, absence of cash management policies and procedures, paid leave charged to a grant while a director was ill, having the same accountant perform the required audit, and relying only on self-reported surveys from subgrantees to evaluate financial compliance.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 1

    Avoiding Common Issues and Pitfalls Activity 1

    Impact & Action


    The chart contains some common oversight and audit findings. As a group, review the findings with two goals: 1. Determine the potential consequences and risks associated with each finding. 2. Develop a plan to prevent each of the findings.
    1. Finding The auditors could not find supporting documentation for an in-kind match of $100,000 in building supplies you received from a lumber yard. Your accounting system did not identify expenditures by grant or activity. The auditors could not reconcile your general ledger amounts to the costs claimed on your Federal Financial Report. Your GL shows $850,000 in Federal expenditures and the FFR shows $880,000. You did not have written policies and procedures in place for managing and accounting for incoming cash. Your 1st year Director, a long-term employee of the organization, was seriously ill and took paid leave for 3 months before returning to the project. The leave was charged to the grant. You had your accountant also perform the required OMB A-133 audit. For new subgrantees, you use a self-reporting preaward Financial Management Survey to determine whether the subgrantees financial system complies with OMB Circulars and other grant requirements. Consequences and/or Risks Preventive Action

    2. 3.

    4.

    5.

    6. 7.

    2013 Southwestern National Service Conference

    Page 1 of 1

    You might also like