Page 69 - Financial Report 2020
P. 69
PRIVACY AND CIVIL LIBERTIES OVERSIGHT BOARD
Summary of Financial Statement Audit and Management Assurances,
Continued
Definition of Terms
Beginning Balance: The beginning balance must agree with the ending balance from
the prior year.
New: The total number of material weaknesses/non-conformances
identified during the current year.
Resolved: The total number of material weaknesses/non-conformances that
dropped below the level of materiality in the current year.
Consolidated: The combining of two or more findings.
Reassessed: The removal of any finding not attributable to corrective actions
(e.g., management has re- evaluated and determined that a
finding does not meet the criteria for materiality or is redefined
as more correctly classified under another heading).
Ending Balance: The year-end balance that will be the beginning balance next
year.
FY 2020 AGENCY FINANCIAL REPORT 60
