Finding Text
Criteria: According to the Uniform Guidance, entities are required to submit their Data Collection Form (DCF) within nine months following the end of the fiscal year. This ensures timely reporting and compliance with regulatory requirements.
Condition: Because the June 30, 2024 audit is being issued in May 2025, the Data Collection Form will be filed approximately 2 months after the required submission deadline.
Cause: The delay in completing the audit was due to this being the first year the entity was subject to a single audit. In addition, the entity was short-staffed for the majority of the year under audit, causing extra work for the employees.
Effect: Failure to submit the Data Collection Form timely results in non-compliance with the Uniform Guidance. This can lead to potential penalties, and loss of or decreases in funding. Moreover, it affects transparency and accountability of the entity’s financial reporting process.
Recommendation: We recommend that management implement procedures to ensure that documents are readily available to multiple personnel in order to complete the audit and submit the Data Collection Form timely.