Finding Text
Finding No. 2024-001: Reporting Requirements Criteria : Management is responsible for submitting a federal single audit report by March 31, 2025, for each year where the expenditures exceed $750,000. Condition: For the year ended June 30, 2024, the federal single audit report was not issued until after the deadline of March 31, 2025.Questioned Costs: None noted. Cause: Due to turnover at the organization, as well as the hiring of a new bookkeeper and audit firm, the audit timeline was extended. Effect: The federal single audit was filed after the deadline. Context: The audit work extended beyond the federal single audit deadline du3 to delays in starting the audit work because of turnover and prior year audit delays. Repeat Finding: No Recommendation: We recommend that FAVOR, Inc. begin the audit earlier in order to avoid this issue going forward. Views of Responsible Officials: Management concurs with the finding and notes that the Organization has hired the appropriate staff and service organizations to complete the audit in a timely manner.