Finding Text
Finding No. 2023-001: Financial Reporting – Material Weakness, is also considered a finding under Federal Award Findings and Questioned Costs. This finding is applicable to all federal programs.
Finding No. 2023-002: Annual Audit Submission – Significant Deficiency
Assistance Listing Program Title and Number: All
Federal Agency: All
Criteria
As per the Code of Federal Regulations, Section 200.512 - Report Submission, the audit must be completed and the Data Collection Form and reporting package must be submitted within the earlier of 30 calendar days after receipt of the auditors’ report, or nine months after the end of the audit period. The due date for the audit and reporting package submission was March 31, 2024. Condition
The audit, Data Collection Form and reporting package were not submitted by the due date March 31, 2024.
Cause
SERC experienced staffing shortages and related difficulties during the fiscal year. As such, SERC was not able to timely prepare for the audit in order for the Uniform Guidance, Data Collection Form and reporting package to be filed by the due date.
Effect
The audit, Data Collection Form and federal reporting package were not filed on time.
Questioned Costs
Unknown Context
SERC was unable to complete the financial statements and Federal Single Audit by the due date.
Recommendation
We recommend that all necessary efforts be taken to ensure timely submission of the audit, Data Collection Form and reporting package.
Management’s Response/View of Responsible Officials
Management agrees with this finding, see the Corrective Action Plan.