Finding Text
FINDING 2022-003 - REPORTING - TYPE: SIGNIFICANT DEFICIENCY - FEDERAL AND STATE
OF NEW JERSEY AWARDS: ALL
Criteria
The Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”) and State of New Jersey Office of Management and Budget Circular 15-08, State Grant Compliance Supplement, Part III, require the Agency to submit its audit to New Jersey funding agencies no later than nine months after fiscal year-end. The Agency is required to establish internal control systems to ensure required reporting is completed timely for compliance with Uniform Guidance and State of New Jersey Office of Management and Budget Circular 15-08, State Grant Compliance Supplement, Part III.
Condition
The Agency failed to meet the federal and state reporting deadline of September 30, 2023.
Cause
Due to lack of internal controls over its financial reporting process, the late completion of the Agency’s consolidated financial statements contributed to the late submission of its audit.Effect
The late submission affects all federal and state programs the Agency administers.
Questioned Costs
None noted.
Identification of a Repeat Finding
This is a repeat finding from the immediate previous audit, 2022-003.
Recommendation
The Agency should improve its financial reporting process so that it can submit its audit to New Jersey Funding Agencies and potentially its Single Audit Reporting Package to the federal clearinghouse, if required, no later than nine months after fiscal year-end.
Views of Responsible Officials and Planned Corrective Actions
The Agency agrees with this finding and will adhere to the corrective action plan in this audit report.