Finding Text
Type of Finding: Significant weakness in internal control over financials reporting, other matters
Condition: The Organization did not file the single audit reporting package within 9 months after the year end. In addition, the Organization did not file annual audited financial statements within the required timeframe, including extensions, 2 CFR 200.512
Criteria: Based on the requirement in 2 CFR 200.512, report submission, the Organization is required to submit single audit reporting package within nine months after the Organization’s year end.
Context: The Organization was unaware of the requirements for filing single audit reporting package within 9 months of the Organization’s year end being the first year they were required to have a Single Audit.
Cause: Co-vid created a delay in having their annual audit in a timely matter due for both the Organization and the Auditor.
Recommendation: We recommend that the organization improve the process for timely financial reporting
Planned Corrective Action
The organization agrees with the findings and is making every effort to catchup the time of completion of the Data collection form and the audit to be in compliance with financial reporting and single audit requirements.