Finding 1161631 (2024-004)

Material Weakness Repeat Finding
Requirement
P
Questioned Costs
-
Year
2024
Accepted
2025-10-30
Audit: 371503
Organization: City of Versailles (KY)
Auditor: RFH PLLC

AI Summary

  • Answer: The City must submit its annual audit and related documents on time.
  • Trend: Timely submissions are crucial for compliance with federal regulations.
  • List: Ensure all required documents are filed within nine months post-audit period.

Finding Text

The City is required under CFR 200.512(a) to file the annual audit, data collection form, and reporting package within nine months after the end of the audit period.

Corrective Action Plan

We agree with the auditors' recommendations, and the following action will be taken to improve the timeliness of the financial reporting process. Management will consult with the audit firm and outside CPA firm to develop an agreed upon schedule for the FY 2025 financial reporting process and related audit to meet the Financial Audit Clearinghouse reporting requirement. We will also identify additional training for departmental staff to improve skills and address identified deficiencies. Finally, Management will review capacity constraints and development solutions to improve capacity.

Categories

Reporting

Other Findings in this Audit

  • 1161630 2024-003
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
21.027 CORONAVIRUS STATE AND LOCAL FISCAL RECOVERY FUNDS $1.06M
14.228 COMMUNITY DEVELOPMENT BLOCK GRANTS/STATE'S PROGRAM AND NON-ENTITLEMENT GRANTS IN HAWAII $288,920
97.067 HOMELAND SECURITY GRANT PROGRAM $286,000
97.039 HAZARD MITIGATION GRANT $86,002
97.036 DISASTER GRANTS - PUBLIC ASSISTANCE (PRESIDENTIALLY DECLARED DISASTERS) $76,716
16.922 EQUITABLE SHARING PROGRAM $59,617
20.600 STATE AND COMMUNITY HIGHWAY SAFETY $6,236