Issue: The Bank's Single Audit Report for FY 2022 was submitted late, missing the March 31, 2023 deadline.
Trend: This delay indicates a potential pattern of non-compliance with submission timelines set by the Uniform Guidance.
Follow-up: Recommend reviewing internal processes to ensure timely completion and submission of future audits.
Finding Text
The Single Audit Report of the Bank for the fiscal year ended June 30, 2022, was not submitted on or before March 31, 2023, as required by the Uniform Guidance. The Single Audit related to such period was completed after the 9 months deadline.
Corrective Action Plan
The situation occurred because of a delay in the issuance of the audited financial statements due to the lack of information regarding new Government Accounting Standards Board pronouncements. This lack of information affected the issuance of the audited financial statements of all Puerto Rico government units. Central government officials are working to correct this situation and provide the necessary data on a timely manner so that future audited financial statements are issued with sufficient time to comply with the deadlines for submission of the Data Collection Form and the Single Audit reporting.