FAC Explorer

Finding 1190830 (2024-005)

Material Weakness Repeat Finding
Requirement
L
Questioned Costs
-
Year
2024
Accepted
2026-03-27
Audit: 395109
Organization: Louisiana Chamber of Commerce Foundation (LA)
Auditor: LUTHER SPEIGHT AND COMPANY CPAS

AI Summary

  • Core Issue: LCCF missed the deadline for submitting the audit reporting package, which was due by September 30, 2025.
  • Impacted Requirements: This delay violates the Uniform Guidance Requirements (2 CFR 200.512) for timely audit submissions.
  • Recommended Follow-Up: LCCF should establish procedures to ensure audits are completed on time and that financial statements are prepared promptly.

Finding Text

CRITERIA: According to the Uniform Guidance Requirements (2 CFR 200.512), the audit, the data collection form, and the reporting package must be submitted within thirty (30) calendar days after the auditee receives the auditor’s report or nine (9) months after the end of the audit period (whichever is earlier). CONDITION: LCCF did not submit the audit reporting package within the time-frame required by the Uniform Guidance (due by September 30, 2025). CAUSE: This fiscal year was the first year LCCF qualified for a Single Audit and they did not provide audit-ready financial statements on a timely basis. EFFECT: Failure to submit the audit report in a timely manner could result in noncompliance with federal requirements and has potential impact on current or future federal grant funding. RECOMMENDATION: LCCF should implement procedures to ensure timely completion of the audit engagement. MANAGEMENT’S RESPONSE: LCCF has implemented administrative procedures to ensure the independent audit firm is engaged on timely basis including filing of all required reports.

Corrective Action Plan

Management will implement the following procedures to ensure timely submission to the Federal Audit Clearinghouse: 1) Incorporate Federal Audit Clearinghouse submission deadlines into the annual reporting calendar. 2) Assign responsibility for preparing and uploading the required reporting package immediately upon audit completion. 3) Establish a compliance checklist for Uniform Guidance requirements. 4) Require documented confirmation of submission and Board notification once filing is complete. 5) Monitor submission deadlines through Finance Committee oversight.

Categories

Reporting

Programs in Audit

ALN Program Name Expenditures
59.059 CONGRESSIONAL GRANTS $1.18M
11.034 2023 MBDA CAPITAL READINESS PROGRAM $405,199
11.303 ECONOMIC DEVELOPMENT TECHNICAL ASSISTANCE $273,082
11.307 ECONOMIC ADJUSTMENT ASSISTANCE $81,962