Last year's financial report did not include the depreciation that should have been charged on property and equipment. This mistake made assets and net assets appear higher and expenses appear lower than they should have been. The problem was fixed in the current year, but it shows a weakness in the way depreciation was calculated and recorded the year before.

Why It Matters

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Original Audit Finding Excerpt

"The adjustment pertains to depreciation not taken up in the prior year."

Source Document