Finding Text
Finding 2023 – 003 – Timely Submission of Single Audit Reports to the Federal Clearing House Condition: The Federal Audit Clearinghouse (FAC) requires annual submission of the Organization’s audited financial statements and compliance reports by reporting entities on an annual basis. Criteria: Sufficient accounting policies and procedures must be in place to ensure the timely close of the audit process and submission of the reports the earlier of (30) days after audit submission or none-months after the end of the audit period. Effect: The Organization has not timely submitted its audit and compliance reporting package to the FAC. Cause: The delayed start of the audit process and related audit adjustments did not allow for timely completion and submission of the audit and compliance reporting to the FAC.