Finding Text
Criteria: Uniform Guidance requires a federal single audit to be submitted to the Federal Audit Clearing House (FAC) in accordance with federal guidelines within nine months of year end. Condition and Context: The financial information for the year ended December 31, 2024, included errors in certain accounts that were the result of ineffective monitoring procedures and/or closing processes throughout the year. These errors can cause misstatements in the financial statements, and in certain circumstances resulted in proposed audit adjustments. Section III – Federal Expenditures and Findings and Questioned Costs (continued) Finding 2024-003: Lateness in Submission of Single Audit (continued) Cause: Because these errors were not detected prior to the information being provided for audit, there is an indication that the closing procedures, specifically the monitoring and review of financial information by management, is not being effectively performed. This will ultimately cause significant errors in the financial records and financial statements as well as allow possible irregularities, including fraud, to possibly exist without notice. Effect: The Authority did not submit the federal single audit for the year ended December 31, 2024, within the established deadline of September 30, 2025.