Finding Text
Condition: The audited entity did not submit its prior year's annual financial statements to the federal clearinghouse by the required deadline.
Criteria: According to federal regulations, annual financial statements must be submitted to the federal clearinghouse within nine months of the fiscal year-end.
Cause: The delay was due to a discrepancy with the Unique Entity Identifier (UEI). The name associated with the UEI did not match the name of the audited entity. Management has been unable to rectify this discrepancy despite efforts to resolve the issue.
Effect: The late submission may result in non-compliance with federal regulations, potentially leading to penalties or other administrative actions.
Recommendation: It is recommended that management work closely with the federal clearinghouse and relevant authorities to resolve the UEI discrepancy as soon as possible. Additionally, management should implement procedures to ensure that such discrepancies are identified and addressed well before submission deadlines in the future.
Management Response: Management acknowledges the finding and is actively working to resolve the UEI discrepancy. Steps are being taken to ensure that future submissions are timely and compliant with federal regulations.