We recommend the organization establish a more effective review and reconciliation process as a customary part of its accounting process. The organization should develop a standardized system that recognizes transactions such as revenue and expenses in the proper period. The orga…
Source: Federal Audit Clearinghouse single audits (required of organizations expending $1,000,000+ in federal awards per year for fiscal years beginning on or after Oct 1, 2024; $750,000 before).