In the last week, the federal single audit landscape has seen substantial activity, with 1,089 audits published, reflecting a robust effort toward accountability and transparency in federal spending. Notably, 149 audits reported findings, resulting in a total of 1,080 findings across various organizations. This week's total federal expenditures reached an impressive $11,800,166,830, with no questioned costs reported, indicating that while issues were identified, there were no disputed funds.
Findings Breakdown
The data reveals a concerning trend with 1,080 material weaknesses cited in the audits. This indicates systemic issues in compliance and control processes that organizations must address to ensure they meet federal standards.
Top States by Audit Count
The audits were concentrated in several states, with Michigan leading at 127 audits. Other states with significant audit counts include: - California: 85 audits - New York: 85 audits - Pennsylvania: 68 audits - Illinois: 63 audits
This regional focus underscores the varying levels of scrutiny and support that organizations in different states experience.
Highlighted Audits
Among the audits published, several notable organizations stand out for their reported findings: - Birmingham City Board of Education (AL): Total expenditures of $134,067,378 reported a material weakness. - Hudson Falls Central School District (NY): Expenditures of $4,302,130 also recorded a material weakness. - Oklahoma Wesleyan University (OK): With expenditures of $7,676,637, this institution highlighted similar compliance issues.
These examples not only illustrate the scale of expenditures involved but also the persistent challenges organizations face in maintaining compliance.
Corrective Action Plans
In response to the findings, numerous organizations have initiated corrective action plans to address the identified issues. Here are a few examples: 1. Birmingham City Board of Education: Plans to include Davis-Bacon Act provisions in all future construction projects funded with federal dollars, ensuring compliance with wage provisions. 2. Hudson Falls Central School District: Will review vendor eligibility annually and compare invoices to contracts to prevent future procurement issues. 3. Oklahoma Wesleyan University: Updated withdrawal dates for students to ensure compliance with financial reporting requirements. 4. City of Monroe: Implementing procedures for financial reconciliation to quantify and correct questioned costs effectively. 5. Adrian Public Schools: Ensuring all federal purchases between $10,000 and $250,000 follow appropriate Board policies to avoid procurement mistakes.
These proactive measures demonstrate a commitment to resolving findings and enhancing overall compliance practices.
Live Data Dashboard
For a deeper dive into the findings and trends related to compliance, we encourage you to explore our live dashboard. This tool provides real-time data on compliance issues reported in federal single audits.
Conclusion
As organizations prepare for upcoming audits, understanding these trends and implementing corrective actions is crucial. By learning from the findings of their peers, organizations can strengthen their compliance frameworks and improve their chances of a successful audit outcome. Stay vigilant and proactive to ensure you are ready for your next federal single audit!
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