Core Issue: Semiannual reports for the Federal Programs Intermediary Relending Program were not reviewed before submission.
Impacted Requirements: Lack of management oversight could lead to inaccurate or late reporting.
Recommended Follow-Up: The Organization should enhance its procedures for report preparation and implement proper supervision controls.
Finding Text
Federal Programs Intermediary Relending Program (10.767) Criteria An appropriate system of internal controls requires the proper supervision over reporting under federal loan programs. Condition During our testing, we noted that the semiannual reports were not being reviewed prior to submission. Cause Management oversight. Effect Required reporting could be submitted inaccurately or late. Questioned Costs None Context We tested 4 of the 8 required semiannual reports noting they did not have documented review and approval. Recommendation We recommend the Organization review its procedures for preparing and submitting reports under federal loan programs. Repeat Finding No View of Responsible Officials The Organization will review its procedures for preparing and submitting reports under federal loan programs and put proper supervision controls in place.
Corrective Action Plan
The Organization will review its procedures for preparing and submitting reports under federal loan programs and put proper supervision controls in place.
Categories
Internal Control / Segregation of DutiesQuestioned CostsReportingMatching / Level of Effort / Earmarking