Finding 2022-002 Late Submission of Data Collection Form Type of finding: Significant deficiency Questioned costs: None Criteria: Organizations required to have a Single Audit should have sound internal controls of operations to safeguard assets and to provide reliable financial reporting. A reporting byproduct of these internal controls is the filing of the Data Collection Form with the Federal Audit Clearinghouse, which is due within the earlier of 30 days after receipt of the auditor?s report or nine months after the end of the audit period. Condition: The Data Collection Report had not been filed on a timely basis for the previous fiscal year ended June 30, 2021. The audit report was dated March 28, 2022, but the Data Collection Form was not filed until October 2022, more than six months after its due date of March 31, 2022 Cause: The internal accounting function relied on its auditor to file the Data Collection Form on time and was not aware of its delinquent status. Effect or Potential Effect: Failure to make a timely filing may result in draw-down restrictions, withholding of a percentage of federal funds, suspension of federal funds, or termination of grant awards. Furthermore, they will be regarded as a high-risk auditee for the next two years. Recommendation: VMC needs to include this filing requirement in its calendar of reporting responsibilities. Executive administration and accounting personnel must coordinate this responsibility as a cross-check for sound reporting practices.
Finding 2022-002 Late Submission of Data Collection Form Type of finding: Significant deficiency Questioned costs: None Criteria: Organizations required to have a Single Audit should have sound internal controls of operations to safeguard assets and to provide reliable financial reporting. A reporting byproduct of these internal controls is the filing of the Data Collection Form with the Federal Audit Clearinghouse, which is due within the earlier of 30 days after receipt of the auditor?s report or nine months after the end of the audit period. Condition: The Data Collection Report had not been filed on a timely basis for the previous fiscal year ended June 30, 2021. The audit report was dated March 28, 2022, but the Data Collection Form was not filed until October 2022, more than six months after its due date of March 31, 2022 Cause: The internal accounting function relied on its auditor to file the Data Collection Form on time and was not aware of its delinquent status. Effect or Potential Effect: Failure to make a timely filing may result in draw-down restrictions, withholding of a percentage of federal funds, suspension of federal funds, or termination of grant awards. Furthermore, they will be regarded as a high-risk auditee for the next two years. Recommendation: VMC needs to include this filing requirement in its calendar of reporting responsibilities. Executive administration and accounting personnel must coordinate this responsibility as a cross-check for sound reporting practices.
Finding 2022-002 Late Submission of Data Collection Form Type of finding: Significant deficiency Questioned costs: None Criteria: Organizations required to have a Single Audit should have sound internal controls of operations to safeguard assets and to provide reliable financial reporting. A reporting byproduct of these internal controls is the filing of the Data Collection Form with the Federal Audit Clearinghouse, which is due within the earlier of 30 days after receipt of the auditor?s report or nine months after the end of the audit period. Condition: The Data Collection Report had not been filed on a timely basis for the previous fiscal year ended June 30, 2021. The audit report was dated March 28, 2022, but the Data Collection Form was not filed until October 2022, more than six months after its due date of March 31, 2022 Cause: The internal accounting function relied on its auditor to file the Data Collection Form on time and was not aware of its delinquent status. Effect or Potential Effect: Failure to make a timely filing may result in draw-down restrictions, withholding of a percentage of federal funds, suspension of federal funds, or termination of grant awards. Furthermore, they will be regarded as a high-risk auditee for the next two years. Recommendation: VMC needs to include this filing requirement in its calendar of reporting responsibilities. Executive administration and accounting personnel must coordinate this responsibility as a cross-check for sound reporting practices.
Finding 2022-002 Late Submission of Data Collection Form Type of finding: Significant deficiency Questioned costs: None Criteria: Organizations required to have a Single Audit should have sound internal controls of operations to safeguard assets and to provide reliable financial reporting. A reporting byproduct of these internal controls is the filing of the Data Collection Form with the Federal Audit Clearinghouse, which is due within the earlier of 30 days after receipt of the auditor?s report or nine months after the end of the audit period. Condition: The Data Collection Report had not been filed on a timely basis for the previous fiscal year ended June 30, 2021. The audit report was dated March 28, 2022, but the Data Collection Form was not filed until October 2022, more than six months after its due date of March 31, 2022 Cause: The internal accounting function relied on its auditor to file the Data Collection Form on time and was not aware of its delinquent status. Effect or Potential Effect: Failure to make a timely filing may result in draw-down restrictions, withholding of a percentage of federal funds, suspension of federal funds, or termination of grant awards. Furthermore, they will be regarded as a high-risk auditee for the next two years. Recommendation: VMC needs to include this filing requirement in its calendar of reporting responsibilities. Executive administration and accounting personnel must coordinate this responsibility as a cross-check for sound reporting practices.