FAC Explorer

Finding 28529 (2022-001)

Significant Deficiency
Requirement
P
Questioned Costs
-
Year
2022
Accepted
2022-12-13
Audit: 31293
Organization: Prince George's Community College (MD)
Auditor: Sb & Company LLC

AI Summary

  • Core Issue: Management needed extra time to finalize financial statements and journal entries, leading to a significant audit adjustment.
  • Impacted Requirements: The College's internal controls over financial reporting were inadequate, affecting compliance with accounting principles.
  • Recommended Follow-Up: Review and enhance the year-end closing process, including detailed procedures, roles, and timeline management.

Finding Text

Finding 2022-001 Programs: All Significant Deficiency over Financial Reporting Repeat Finding: No Condition: During the audit, we noted additional time needed by management to draft the financial statements and complete year-end journal entries. There was also a significant audit entry identified after the draft financial statements were provided to us. Criteria: Entities must maintain an adequate system of internal controls over financial reporting to initiate, authorize, record, process and report financial data reliably in accordance with generally accepted accounting principles. Cause: The College experienced transition in a key management position at the end of fiscal year 2022. Effect: A significant adjusting entry was recorded to accurately state the financial statements, and there was a delay in completing the audit. Questioned Costs: None. Recommendation: We recommend that the College review its year-end closing process used for fiscal year 2022. This review would include reviewing the level of detail of the procedures and the roles of those responsible, considering expanding the steps in the checklist for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline during the close process. Management?s Response and Corrective Action Plan Management agrees with the finding. See schedule of corrective action.

Corrective Action Plan

Auditee Corrective Action Plan: The College experienced a transition in a key management position, Controller, at the end of fiscal year 2022. The new appointed Controller will revise the month-end, and year-end, closing activities to include detailed procedures, the roles of those responsible on the Financial Services team, and deadlines that support timely financial reporting. The Financial Services team will maintain regularly scheduled progress meetings to ensure the audit remains on track for timely submission and uphold the responsibility for ensuring that the audit commences on a timely basis. A quarterly progress review will be conducted with the Vice President of Financial Services and Operations. Additionally, the Controller will submit a request to fill vacant Financial Services positions to the Senior Team for approval and will submit a recommendation to the Senior Team to hire additional resources with appropriate accounting experience and knowledge. Contact Person: Controller Completion Date: June 30, 2023

Categories

Subrecipient Monitoring Reporting Significant Deficiency Internal Control / Segregation of Duties

Other Findings in this Audit

  • 28530 2022-001
    Significant Deficiency
  • 28531 2022-001
    Significant Deficiency
  • 28532 2022-001
    Significant Deficiency
  • 28533 2022-001
    Significant Deficiency
  • 28534 2022-001
    Significant Deficiency
  • 28535 2022-001
    Significant Deficiency
  • 28536 2022-001
    Significant Deficiency
  • 28537 2022-001
    Significant Deficiency
  • 28538 2022-001
    Significant Deficiency
  • 28539 2022-001
    Significant Deficiency
  • 28540 2022-001
    Significant Deficiency
  • 28541 2022-001
    Significant Deficiency
  • 28542 2022-001
    Significant Deficiency
  • 28589 2022-001
    Significant Deficiency
  • 28590 2022-001
    Significant Deficiency
  • 28591 2022-001
    Significant Deficiency
  • 28592 2022-001
    Significant Deficiency
  • 28593 2022-001
    Significant Deficiency
  • 28594 2022-001
    Significant Deficiency
  • 33945 2022-001
    Significant Deficiency
  • 33946 2022-001
    Significant Deficiency
  • 33947 2022-001
    Significant Deficiency
  • 33948 2022-001
    Significant Deficiency
  • 33949 2022-001
    Significant Deficiency
  • 33950 2022-001
    Significant Deficiency
  • 33951 2022-001
    Significant Deficiency
  • 33952 2022-001
    Significant Deficiency
  • 33953 2022-001
    Significant Deficiency
  • 33954 2022-001
    Significant Deficiency
  • 33955 2022-001
    Significant Deficiency
  • 33956 2022-001
    Significant Deficiency
  • 33957 2022-001
    Significant Deficiency
  • 33958 2022-001
    Significant Deficiency
  • 33959 2022-001
    Significant Deficiency
  • 33960 2022-001
    Significant Deficiency
  • 33961 2022-001
    Significant Deficiency
  • 33962 2022-001
    Significant Deficiency
  • 33963 2022-001
    Significant Deficiency
  • 604971 2022-001
    Significant Deficiency
  • 604972 2022-001
    Significant Deficiency
  • 604973 2022-001
    Significant Deficiency
  • 604974 2022-001
    Significant Deficiency
  • 604975 2022-001
    Significant Deficiency
  • 604976 2022-001
    Significant Deficiency
  • 604977 2022-001
    Significant Deficiency
  • 604978 2022-001
    Significant Deficiency
  • 604979 2022-001
    Significant Deficiency
  • 604980 2022-001
    Significant Deficiency
  • 604981 2022-001
    Significant Deficiency
  • 604982 2022-001
    Significant Deficiency
  • 604983 2022-001
    Significant Deficiency
  • 604984 2022-001
    Significant Deficiency
  • 605031 2022-001
    Significant Deficiency
  • 605032 2022-001
    Significant Deficiency
  • 605033 2022-001
    Significant Deficiency
  • 605034 2022-001
    Significant Deficiency
  • 605035 2022-001
    Significant Deficiency
  • 605036 2022-001
    Significant Deficiency
  • 610387 2022-001
    Significant Deficiency
  • 610388 2022-001
    Significant Deficiency
  • 610389 2022-001
    Significant Deficiency
  • 610390 2022-001
    Significant Deficiency
  • 610391 2022-001
    Significant Deficiency
  • 610392 2022-001
    Significant Deficiency
  • 610393 2022-001
    Significant Deficiency
  • 610394 2022-001
    Significant Deficiency
  • 610395 2022-001
    Significant Deficiency
  • 610396 2022-001
    Significant Deficiency
  • 610397 2022-001
    Significant Deficiency
  • 610398 2022-001
    Significant Deficiency
  • 610399 2022-001
    Significant Deficiency
  • 610400 2022-001
    Significant Deficiency
  • 610401 2022-001
    Significant Deficiency
  • 610402 2022-001
    Significant Deficiency
  • 610403 2022-001
    Significant Deficiency
  • 610404 2022-001
    Significant Deficiency
  • 610405 2022-001
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $8.75M
84.002 Adult Education - Basic Grants to States $1.24M
84.007 Federal Supplemental Educational Opportunity Grants $607,235
84.048 Career and Technical Education -- Basic Grants to States $547,357
84.042 Trio_student Support Services $415,280
84.425 Education Stabilization Fund $311,912
84.047 Trio_upward Bound $270,763
84.031 Higher Education_institutional Aid $204,484
93.566 Refugee and Entrant Assistance_state Administered Programs $190,597
84.116 Fund for the Improvement of Postsecondary Education $137,965
84.033 Federal Work-Study Program $102,194
12.903 Gencyber Grants Program $85,496
20.235 Commercial Motor Vehicle Operator Training Grants $59,280
12.560 Dod, Ndep, Dotc-Stem Education Outreach Implementation $40,734
43.008 Education $36,747
47.076 Education and Human Resources $35,667
21.009 Volunteer Income Tax Assistance (vita) Matching Grant Program $12,000
10.574 Team Nutrition Grants $9,710
84.063 Federal Pell Grant Program $6,943
10.559 Summer Food Service Program for Children $4,864