FAC Explorer

Finding 1120782 (2024-005)

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Requirement
L
Questioned Costs
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Year
2024
Accepted
2025-03-31
Audit: 350945
Organization: Town of Elkton, Virginia (VA)
Auditor: Brown Edwards & Company LLP

AI Summary

  • Core Issue: FY23 and FY24 expenditure reports were inaccurate due to lack of reconciliation and review.
  • Impacted Requirements: Reporting must align with accounting records and undergo independent review.
  • Recommended Follow-Up: Implement a process for review and reconciliation before submitting reports to the grantor.

Finding Text

2024-005: COVID-19 Coronavirus State and Local Fiscal Recovery Funds ALN 21.027, Controls over Reporting Condition The FY23 expenditures reported to the Treasury did not reconcile to the audited SEFA and the FY24 expenditures did not agree to the tracking spreadsheet. Criteria Reporting should reconcile to accounting records and have a review by an individual other than the preparer. Cause Lack of review and reconciliation to the general ledger prior to submission. Effect The annual reporting was inaccurate for FY23 and FY24 expenditures. Recommendation Ensure that all information reported as been reviewed and reconciled prior to submission to the grantor. Views of Responsible Officials and Planned Corrective Action Going forward, the Treasurer will compile the information and have the Town Manager approve the report prior to submitting it through the online portal.

Categories

Reporting

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
10.760 Water and Waste Disposal Systems for Rural Communities $807,403
21.027 Coronavirus State and Local Fiscal Recovery Funds $153,000
16.543 Missing Children's Assistance $3,767
16.607 Bulletproof Vest Partnership Program $1,678
16.738 Edward Byrne Memorial Justice Assistance Grant Program $1,294