Finding Text
Finding 2022-007 Reporting
Type of Finding: Compliance Finding
Condition: During review of the Housing Choice Voucher program, RBT noted that the Town did not submit timely GAAP-based unaudited and audited financial information to HUD after year end, within two and a half months for unaudited, and nine months for audited.
Criteria: As a condition of receiving federal awards, the Town agrees to comply with laws, regulations, and the provisions of grant agreements and contracts, and to also maintain internal controls to provide reasonable assurance of compliance with these requirements.
Cause: The Town did not have appropriate audit ready information/documentation in place in order for the unaudited FDS submission and audit to be conducted in a timely manner.
Effect: Potential loss of funding due to noncompliance.
Questioned Costs: None identified.
Perspective: The unaudited information was submitted on September 20, 2023, and the audited information has not been submitted as of October 17, 2024.
Repeat Finding: Not a repeat finding.
Recommendation: RBT recommends that the Town prepare all required information/documentation to ensure that the Authority can submit the unaudited and audited financial information to HUD timely.
Auditee's Response: The Town agrees with this finding. See corrective action plan.