Finding Text
Finding 2023-101 Improve the Timeliness and Accuracy of Financial Reports (Significant Deficiency). The financial report for the month ended July 31, 2022, was issued 12
days after the deadline. The effect of the reporting delays is that funding agencies are receiving untimely
information. The cause is insufficient monitoring of reporting deadlines. – Federal regulations (2 CFR §200.327) and the terms of the federal grants and
contracts require that financial reports be filed in a timely manner. We recommend that YPIC improve internal controls over grant reporting
that includes a process for identifying reporting requirements and monitoring the timely grant
reporting.