The #1 Enemy: Reporting
"Reporting" (Finding Code L) is the most frequent finding category in the database, with over 65,000 findings.
Why is it so common?
It's often a simple administrative failure rather than a complex accounting error. * Late Reports: Missing the deadline for the SF-425 or the Data Collection Form. * Inaccuracy: The numbers in the ledger don't match the numbers in the report.
How to Avoid It
- Automate: Don't rely on manual spreadsheets if you can avoid it.
- Reminders: Set calendar reminders 30 days before every deadline.
- The 30-Day Rule: Remember, you must submit your Single Audit package within 30 days of receipt of the auditor's report (or 9 months after fiscal year-end, whichever is sooner).
If you do get a finding, make sure you write a Bulletproof Corrective Action Plan.
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