Finding Text
Criteria: OMB Uniform Guidance subpart B .200(a) establishes that Non-Federal entities that expend $500,000 ($750,000 for fiscal years ending after December 25, 2015) or more in a year in Federal awards shall have a single or program-specific audit conducted for that year in accordance with the provisions of this part. Condition: During our audit of June 30, 2021 financial statements, we noted that single audit report for fiscal year 2020-2021 was not submitted by September 30, 2022. Cause: Lack of internal controls over financial reporting to produce financial statements on timely basis to comply with OMB reporting deadlines. Effect: Non-compliance with the above-mentioned requirement could lead to administrative actions by the grantor. It could also be interpreted as a failure to manage federal awards in compliance with laws, regulations, and provisions of contracts and grant agreements. Recommendation: To improve, execute and monitor accounting periods end closings as planned in order to get a financial statement on time to comply with the deadlines required. Also, keep track and communication of federal programs compliances with regulatory parties and among Authority responsible departments involve and establish a program deadline calendar. Questioned Costs: NonePerspective of the information: Single audit report was issued after due date. The information was not drawn from a statistical sample. Prior Year Finding: Yes. Management response: Due to government closures that occurred during the pandemic it was impossible to obtain external and internal information to comply with established requirements. Responsible Officer: Mr. José R. González De la Vega Estimated Completion Date: To work it on or before July 2026.