Finding Text
PREPARATION OF SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS Condition: The audited schedule of expenditures of federal awards was prepared by the auditors. Criteria: It is the responsibility of management to prepare the schedule of expenditures of federal awards to be audited. This criteria is derived from the audit engagement letter and demonstrates the general proficiency over supplemental information – schedule of expenditures of federal awards. Cause: Employees at Wisconsin School of Professional Psychology, Inc. do not have experience preparing the schedule of expenditures of federal awards with Governmental Audit Quality Center Uniform Single Audit Guidance in the United States. Effect: Without staff knowledgeable about the preparation of financial statements in accordance with Governmental Audit Quality Center Uniform Single Audit Guidance, there may be material misstatements schedule of expenditures of federal awards that would not be prevented or detected in a timely manner. Recommendation: It is not cost effective for the auditee to employ additional personnel solely for financial reporting purposes. Therefore, the School should continue to utilize the expertise of their auditors to assist with preparation of the Schedule of Expenditures of Federal Awards. Management Response: The School will continue to use our auditors for these additional services.