FAC Explorer

Finding 1208443 (2025-002)

Material Weakness Repeat Finding
Requirement
L
Questioned Costs
-
Year
2025
Accepted
2026-04-22
Audit: 399418
Organization: Industrial Development Authority of the City of Danville, Virginia (VA)
Auditor: BROWN EDWARDS & COMPANY LLP

AI Summary

  • Issue: The Authority missed the deadline for filing required quarterly reports.
  • Requirements: Timely submission of reports is mandated by the contract with the pass-through entity.
  • Follow-up: Implement a process to ensure reports are filed on time; the Authority agrees with this recommendation.

Finding Text

Condition The Authority did not file the required quarterly reports by the due date. Criteria Under the requirements in the contract with the pass-through entity, the Authority is required to provide quarterly progress reports. Cause The Authority does not have a process in place to ensure reports are timely filed. Effect The lack of timely reports results in the Authority being out of compliance with reporting requirements of the pass-through entity. Recommendation Steps should be taken to ensure that these reports are filed and in a timely manner. View of Responsible Officials and Planned Corrective Action The auditee concurs with the recommendation.

Corrective Action Plan

The unique relationship between the pass-through entity and the Authority contributed to this oversight. Though the entities have separate governing bodies, the staff for each is identical. Although the recipient of the report would have been the same person as the preparer, the Authority achnowledgesthat this is a requirement of receiving these funds and the auditee concurs with the need to complete said reporting.

Categories

Subrecipient Monitoring Reporting

Other Findings in this Audit

  • 1208442 2025-002
    Material Weakness Repeat
  • 1208444 2025-003
    Material Weakness Repeat
  • 1208445 2025-003
    Material Weakness Repeat
  • 1208446 2025-004
    Material Weakness Repeat
  • 1208447 2025-004
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
21.027 CORONAVIRUS STATE AND LOCAL FISCAL RECOVERY FUNDS $485,256