Finding Text
Criteria: Proper internal control procedures include policies that provide timely reporting to the Federal Clearinghouse Condition: The Authority did not file the audit report timely with the Federal Clearinghouse. Cause: Internal controls regarding accounting and financial statement reporting to ensure timely filing of the audit report were not established. Effect: The Authority did not timely file the audit report with Federal Clearinghouse Recommendation: The Authority’s management should develop internal control procedures that ensure all necessary information is provided to the accountant to ensure timely filing of audit report with the Federal Clearinghouse. Management’s Response: Management is in the process of developing internal control procedures that ensure all necessary information is provided to the accountant to ensure timely filing of audit report with the Federal Clearinghouse.