Finding 2023-007: Timely Submission of Single Audit Report (SAR) and Document Collection Form (DCF)
To eliminate this finding recurring in future periods, POF will create an internal Annual Audit Plan (AAP), identifying required tasks, deliverables, due dates, and responsible internal and external ...
Finding 2023-007: Timely Submission of Single Audit Report (SAR) and Document Collection Form (DCF)
To eliminate this finding recurring in future periods, POF will create an internal Annual Audit Plan (AAP), identifying required tasks, deliverables, due dates, and responsible internal and external personnel for each task. POF’s AAP will include five-six (5-6) months' lead time prior to future mandatory submission dates. Simultaneously, POF will communicate the AAP timelines with the Audit Engagement Partner to ensure audit staffing continuity and availability. POF will achieve accurate, complete, and timely future SAR and DCF submissions through incorporating these process improvements along with strengthening its internal controls, gaining experience in its first two Single Audits, and in acquiring an understanding of the Auditor’s role in verifying compliance and the adequacy of related supporting documentation.