Finding Text
Finding 2022-001: Late Filing of Financial Statements
Condition:
The financial statements and related reporting package for the year ended December 31, 2022 were not submitted to the Federal Audit Clearinghouse (FAC) by the required deadline of September 30, 2023.
Criteria:
Per the Uniform Guidance (2 CFR §200.512), auditees are required to submit the reporting package, including the
financial statements and Single Audit report, within nine months of the fiscal year-end or 30 days after the auditor’s
report is issued, whichever is earlier.
Cause:
The delay in filing was due to turnover in key personnel.
Effect:
The auditee was not in compliance with federal reporting requirements, which could result in delayed access to federal funds or other corrective actions by granting agencies.
Recommendation:
We recommend that management establish and implement procedures to ensure the timely preparation, review, and submission of financial statements and related reports in accordance with Uniform Guidance requirements.
Management’s Response:
Management acknowledges the delay in submission and is taking corrective action to address the issue. Steps include improving internal controls, implementing a detailed timeline for the audit process, etc. Management is committed to ensuring future compliance with reporting deadlines.