Finding Text
Late Filing of Required Single Audit Report -Criteria:The Association is required to submit the single audit report to the Federal Audit Clearinghouse (FAC) by the earlier of nine months after the fiscal year-end or 30 days after receiving the auditor's report.Condition and Cause:The Association was did not timely submit the single audit report to the FAC as required as a result of inadequate internal controls over the financial reporting and close process. Effect:The Association is not in compliance with the submittal of the single audit report for the year ended June 30, 2024.Recommendation:The Association should establish and adhere to clear internal policies and procedures for single audit requirements for timely submission of its single audit report.