Finding 1167397 (2023-001)

Material Weakness Repeat Finding
Requirement
L
Questioned Costs
-
Year
2023
Accepted
2025-12-31
Audit: 378468
Auditor: RSM PUERTO RICO

AI Summary

  • Answer: The Company missed the deadline for submitting the required data collection form and reporting package for the year ended June 30, 2023.
  • Trend: This issue indicates a lack of timely financial information, which could lead to future compliance problems.
  • List: Follow up by ensuring the Company has the necessary financial data ready for future audits to avoid similar issues.

Finding Text

Condition: The Company did not submit the required data collection form and reporting package for the year ended June 30, 2023, within the required period. Cause: The Company did not have available the financial information necessary to complete the audit procedures and uniform guidance report. Effect or potential effect: Condition may result in noncompliance with the requirements of Reporting. Questioned Costs: None

Corrective Action Plan

The Chief Financial Officer (CFO) is responsible for this task. The overview includes reviewing and submitting the information and data collected during the month. To ensure timely compliance, the CFO has implemented a shared calendar system with the administrative personnel that establishes clear deadlines and reminders to prevent delays and improve efficiency, ensuring all submissions are received within the required timeframe. In addition to timeliness, the CFO will implement enhanced internal controls and quality assurance measures to guarantee that all data submitted is accurate, complete, and in full compliance with federal reporting requirements. This process will include: • Conducting a pre-submission review of all documents by the finance and compliance team to verify accuracy and consistency. • Establish a checklist of federal regulatory requirements to be applied before final submission of reporting packages. • Assigning a secondary reviewer independent of the preparer to ensure an additional level of oversight. • Documenting all reviews and approvals to create an audit trail that supports transparency and accountability. • Holding monthly coordination meetings with responsible personnel to address potential delays, clarify requirements, and provide corrective guidance in real time. By combining timely submission mechanisms with strengthened review and compliance controls, the CFO ensures that reporting packages meet the highest standards of accuracy, reliability, and federal regulatory compliance. Names of the contact persons responsible for the corrective action plan: Nilsa Rodríguez Rivera (CFO -2025) Anticipated completion date: This corrective action will be in place no more than November 30, 2025.

Categories

Reporting

Other Findings in this Audit

  • 1167398 2023-002
    Material Weakness Repeat
  • 1167399 2023-003
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
21.027 CORONAVIRUS STATE AND LOCAL FISCAL RECOVERY FUNDS $10.99M
11.307 ECONOMIC ADJUSTMENT ASSISTANCE $391,680