Finding Text
Audit Finding 2023-002 – REAC Unaudited Submission
Criteria:
In accordance with 24 CFR § 5.801 – Uniform Reporting Standards, PHAs are required to submit timely GAAP-based unaudited financial information electronically to HUD.
Condition:
The above requirements were not met for the 2023 audit.
Cause:
Due to their being only two employees at the Authority, they were not able to submit their monthly information to their fee accountant timely and the submission was not done until after the deadline.
Effect:
The Authority was not in compliance with the Federal Regulations relating to report submissions.
Recommendation:
We recommend that the Authority works on getting future information submitted on time to ensure compliance with the above regulations.
View of Responsible Officials:
Management agrees with the finding.