Finding Text
Student Financial Aid Cluster: 84.007 Federal Supplemental Education Opportunity Grant; 84.033 Federal Work Study Program; 84.063 Federal Pell Grant Program; 84.268 Federal Direct Student Loans Education Stabilization Fund: 84.425E Higher Education Emergency Relief Fund (HEERF) Student Aid Portion; 84.425F HEERF institutional Portion Material Weakness 2022-002 Reporting Criteria: Formally documented internal control procedures ensure schedules are ready for a Single Audit audit on a timely basis. This ensures submission of the Single Audit report as required by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Condition: The College failed to submit the Single Audit report to the Federal Audit Clearinghouse by the required deadline. Questioned Costs: None noted. Context: The College was required to submit the April 30, 2022 Single Audit report to the Federal Audit Clearinghouse within nine months of the College?s year-end. The College did not submit this report in the required period. Effect: The lack of formal process to provide timely audit support could result in the late submission of the Single Audit report. Cause: The College did not identify the audit requirement prior to the required deadline. Recommendation: The College should develop formally documented internal control procedures to outline a process to review grant agreements for audit requirements. Additionally, the College should develop formally documented internal control procedures that allow sufficient time to properly conduct a Single Audit. View of Responsible Officials and Planned Corrective Actions: See accompanying Corrective Action Plan as prepared by management.