FAC Explorer

Finding 370315 (2022-001)

-
Requirement
A
Questioned Costs
-
Year
2022
Accepted
2024-02-23
Audit: 291945
Organization: Carolina University (NC)
Auditor: Haynes Downard LLP

AI Summary

  • Issue: The Organization missed the deadline for submitting the 2022 audit reporting package and data collection form.
  • Requirements Impacted: This violates the Uniform Guidance Part 200.512(a)(1), which mandates timely submission within 30 days of the auditor's report or nine months post-audit period.
  • Follow-Up: The Organization should review and improve its financial closing process to ensure timely compliance in the future.

Finding Text

Criteria: The Uniform Guidance Part 200.512(a)(1) states: “The audit must be completed and the data collection form described in paragraph (b) of this section and reporting package described in paragraph (c) of this section shall be submitted within the earlier of 30 calendar days after receipt of the auditor’s report, or nine months after the end of the audit period.” Condition: The Organization did not submit its 2022 single audit reporting package and data collection form in a timely manner. Cause: Information needed to support the audit of financial statements, including certain significant estimates required to be reported, was not readily available. Effect: The Organization is late with required filings. Questioned Costs: None. Recommendation: The Organization should re-evaluate the financial closing process.

Corrective Action Plan

Management agrees with the finding of the auditor's report concerning the failure to timely submit our 2022 single audit reporting package and data collection form in a timely manner. We have suffered changes in personnel which had a significant impact on our ability to gather information needed to finalize our accounting records. New staff members who have taken on these responsibilities are in the process of learning those procedures and adapting to our organization’s specific requirements. Additionally, there were some communication challenges during the audit process which led to misunderstandings and further delays. In addressing these challenges, we are providing additional training and support for our new staff members and reevaluating our financial closing processes to ensure that reporting deadlines are met in future periods. Responsible Official: Chris Ronk, Chief Financial Officer (800) 937-5097

Categories

Reporting

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $4.22M
84.063 Federal Pell Grant Program $1.34M
84.425 Education Stabilization Fund $56,434
84.033 Federal Work-Study Program $55,227
84.007 Federal Supplemental Educational Opportunity Grants $49,740