Finding Text
ITEM # 2024-002 Late Submission of Data Collection Form and Reporting Package
All Federal Programs – Uniform Guidance Single Audit Reporting Requirement
Criteria
Section 200.512(a)–(b) of the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (2 CFR Part 200, Uniform Guidance) requires the auditee (or its auditor acting on its behalf) to submit the Data Collection Form (Form SF-SAC) and the complete single-audit reporting package to the Federal Audit Clearinghouse (FAC) no later than the earlier of 30 calendar days after the audit report is issued, or nine months after the end of the audit period. The 2024 OMB Compliance Supplement (Part 2, § 200.512) identifies this filing deadline as part of the Reporting compliance requirement that is applicable to every federal program.
Condition
For the fiscal years ended June 30, 2023, and June 30, 2024, the University’s single-audit packages were filed with the FAC after the nine-month statutory deadline.
Cause
The delays in submission were primarily due to the implementation of a new accounting software system in fiscal year 2023 that caused delays in the audit process in 2023 and turnover in critical accounting roles in fiscal year 2023 and 2024 that caused delays in the audit in 2024.
Effect
Late submission of the single audit reporting package limits the federal awarding agencies' and pass-through entities' ability to perform timely evaluations of the auditee’s financial and compliance standing. Repeated late filings may impact future funding decisions and increase oversight or monitoring requirements.
Questioned Costs
None.
Recommendation
We recommend that the University strengthen its year-end financial reporting and audit preparation processes to ensure timely completion and submission of the single audit report. This may include developing a detailed closing calendar, assigning additional resources, and closely monitoring the audit timeline to comply with the Uniform Guidance requirements.