Finding 1180823 (2024-002)

Management agrees with the finding and has taken corrective action to ensure the timely completion and submission of the audit reporting package. With the implementation of Sage Intacct and the strengthening of internal accounting processes, Porchlight is now able to begin audit preparation earlier in the year. Regular monthly reconciliations and improved staff training have significantly reduced the number of adjustments required at year‐end. Financial statements will be prepared internally prior to the audit process, allowing management to review financial information earlier and provide complete information to the auditors in a timely manner. While certain reporting configurations within Sage Intacct continue to be refined, Porchlight is working with outside consultants experienced with the system to ensure reporting functionality operates effectively. Porchlight is also developing a formal year‐end close checklist and reporting calendar to ensure that all financial reporting tasks are completed on schedule and that audit preparation begins sufficiently in advance of reporting deadlines. The Finance Director, with oversight from the Executive Director, is responsible for monitoring audit timelines and, along with our auditors, ensure all deadlines for submission to the Federal Audit Clearinghouse are met. Staffing improvements and the engagement of external consultants have strengthened the organization’s capacity to complete the audit process in a timely manner. Management will continue to monitor internal timelines and reporting procedures to ensure future audit submissions are completed within required deadlines. Person(s) Responsible: Halle Pollay Timing for Implementation: In process