Finding Text
Criteria: In accordance with the Uniform Guidance, the Single Audit report must be submitted to the designated Federal Audit Clearinghouse (FAC) within 30 days of receipt or 9 months after the end of the audit period, whichever is earlier Condition: The Single Audit report was not completed within 9 months after the end of the audit period. Cause: Personnel turnover within the Organization in addition to a delay in the prior year's audit being completed. Effect: Failing to file a Single Audit report on time can result in several consequences, including federal funding restrictions, penalties, and potential legal actions. These consequences can impact an Organization's ability to receive and utilize federal funds. Repeat Finding: Yes - The Single Audit report for the year ended September 30, 2022 was not completed within 9 months after the end of the audit period. Recommendation: The Organization should close out the year end on a timely basis so that there is adequate time to complete the Single Audit and corresponding report within the required timeframe. Response: The Organization has contracted with a public accounting firm to implement measures to strengthen its year-end close process, improve coordination with the external auditors and establish internal deadlines that ensure all reporting components are completed well in advance of the federal due date.