Finding Text
Finding 2023 – 003: Single Audit Report Filed Late
Condition: The audited financial statements were not submitted to the Federal Clearinghouse by the due date of June 30, 2024.
Criteria: In accordance with 2 CFR Section 200.512, an entity expending more than $750,000 of federal funds within an fiscal year must submit the data collection form and reporting package by a due date that is the earlier of 30 calendar days after receipt of the auditor’s report(s) or nine months after the year end of the audit period.
Questioned Costs: None.
Effect: The Authority was not in compliance with Uniform Guidance, which could lead to sanctions by the funding agencies.
Cause: The general ledger was not ready for audit as significant accounts were not reconciled in a timely manner.
Recommendation: We recommend the Authority should establish a timely process to ensure completion of the audit by June 30 of each year.
Response: See the corrective action plan that accompanies the schedule of findings and questioned costs.