Providence hospital is a community medical center that has only been opened for a year. Since the hospital has been open it has hit some hardships, including multiple problems within their financial department. They have been experiencing a huge turnover rate in the financial department due to their Administrator Daniel only working with the clinic for a few months and not having much exposure. Daniel usually reviews the financial statements but instead he allowed a temp that just started two weeks review the statements. In addition, they used a manual system to record their financial statements by hand. After completing the operating end year budget and the operating projected budget, their financial analyst, Sara noticed that there was an error. For the projected budget the entry was off by $180,000.00. This would mean that the supply budget was under budgeted significantly for the year. As the financial analyst you report the problem to the Chief Financial Officer for review of the situation.
Identify an accounting problem in the case above. Write an analysis focusing on financial statement accuracy, internal controls, adherence to GAAP, and audit failures according to the accounting problem. What is the major problem? Identify the secondary issues and how it caused the major problem. What are the organizational weaknesses and strengths? Next, how does the identified issues align with the concepts of financial statement accuracy, internal controls, adherence to GAAP, and audit failures?
Finally, as the Chief financial officer what are your recommendations and proposed solutions? Address the issues by arriving at solutions. What is your rationale behind your proposed solution?
Use references Starting from <2016
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