Finding 1149904 (2024-001)

2024-001 Annual Audit Report Filings Condition: The audited financial statements of the Academies were not submitted in the period prescribed by Louisiana Revised Statue (R.S.) 24:513. Nor were the audited financial statements filed with the Federal Audit Clearinghouse within the prescribed time. Criteria: In accordance with the Louisiana Revised Statute (R.S.) 24:513 and 24:514, audit reports are due to the Louisiana Legislative Auditor (LLA) no later than six months after the local auditee’s fiscal year end. In accordance with the Uniform Guidance, the office is required to submit the annual audit reporting package and Data Collection Form to the Federal Audit Clearinghouse within the earlier of 30 calendar days after receipt of the auditors’ reports or nine months after the end of audit period. Cause: The Academies were unable to perform their year-end close timely as well as the engaged auditor was delayed in being approved by the LLA. Effect: The required annual audit reports were not completed until after the prescribed due dates resulting in the Academies not being compliant with the filing requirements of the Louisiana Legislative Auditor or the Federal Clearinghouse. Recommendation: We recommend that the Academies implement procedures to enhance its month-end and year-end close procedures to improve the ability of the Academies to produce financial data to meet the criteria established by R.S. 24:513. Views of responsible officials: See views of responsible officials on page 35.