Finding Text
Condition TCA did not submit its audited financial statements to the Louisiana Legislative Auditor within the statutory deadline in accordance with La. R.S. 24:513. This represents a compliance matter, as timely financial information was not available to support completion of the annual audit and reporting process. Criteria Louisiana Revised Statutes require annual audit reports to be submitted to the Louisiana Legislative Auditor within six months of TCA's fiscal year-end. Timely preparation of accounting records and financial information is necessary to ensure compliance with these reporting requirements. Cause TCA did not maintain sufficient procedures and financial reporting resources to ensure that complete and accurate accounting records were finalized on a timely basis. Effect Failure to remit audited financial statements to the Louisiana Legislative Auditor within the statutory date resulted in noncompliance with Louisiana law. Also, delays can increase the risk that grantors and other users of the financial statements will not receive timely financial information necessary for oversight and decision making. Recommendation We recommend management strengthen its financial reporting processes by implementing formal year-end closing procedures, establishing internal deadlines for preparation and review of accounting records, and dedicating sufficient resources to ensure that information required for the audit is complete and available in advance of statutory reporting deadlines.