Anonymous ID: 3886a2 Jan. 6, 2021, 4:18 p.m. No.12359966   ๐Ÿ—„๏ธ.is ๐Ÿ”—kun

>>12359802

Second related to audit prisons management.

I ran a government agency and was audited while in charge. This is a typical audit and corrective action report. Extract follows:

 

FPIโ€™s internal controls over revenue presentation for principal/agent transactions were deficient. Management did not accurately classify revenue from contracts that should be recorded on a net basis as an agent of the transaction. FPI did not identify the need to reassess its revenue presentation policy despite a material increase in activity in its SICG. At the end of FY 2020, FPI incorrectly presented $79 million of revenue transactions on a gross basis that should have been presented on a net basis. Management subsequently corrected the error in the year-end financial statements. Net position was unchanged by the correction.