Answer: The financial statements were filed more than 90 days late due to management changes.
Trend: Delays in providing documentation can lead to late filings and potential compliance issues.
List: Follow up on documentation processes and ensure timely communication with auditors to prevent future delays.
Finding Text
The annual audited financial statements were filed in excess of 90 days after year-end. Due to a change in management, it took longer to provide the auditors with all necessary documentation to perform the audit.
Corrective Action Plan
Management will ensure all documents are provided to the auditor in a timely manner.