Finding Text
2022-004. Late Submission Criteria: The Authority must submit the audited financial statement to REAC and the Federal Clearinghouse within 9 months of the fiscal year. Condition: I noted that the Authority did not submit the electronic transmission of their GAAP based audited Financial Data Schedule (FDS) to the Financial Assessment Subsystem of REAC and the Federal Clearinghouse within the 9 months of their year-end. Questioned Costs: None noted. Effect: As a result, the Authority did not comply with the HUD requirement of submitting the audit within the time allotted. Cause: Due to change in personnel, the new management was late in securing an audit contract in due time which resulted in late completion of the audit. Recommendation: I recommend that the Authority implement controls to ensure the audit is complete and submitted in a timely manner. Management?s Response: We agree with the Auditor?s findings and feel that this was a one-time issue that will be corrected. As noted above, this happened due to a personnel change. Both the Director of Finance and the Executive Director moving forward are included in this part of the year-end procedure as part of our newly implemented year-end checklist.