2/6/23
Audit Issue Resolution Internal Control over Financial Reporting: 1. A material weakness is a deficiency, or a combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the Tribe’s financial statements will not be prevented, or detected and corrected on a timely basis. 2. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
33
Financial Audit Reporting - Conclusion • Presentation to Tribal Council, Gaming Commission, and Management • Responsibility for Filing to NIGC, State, and Financial Institutions • Reconciliation of Internal Financial Statements to Audited Financial Statements
34
17
Made with FlippingBook - Online catalogs