Finding Text
Finding 2021-001: Material Weakness - Untimely Audit Submission in Accordance with OMB Uniform
Guidance
Federal Grantor: All Federal Programs
Compliance Requirement: Reporting
Condition: The Chamber did not electronically submit their December 31, 2021 Single Audit reporting
package (Single Audit Report, Data Collection Form, Status of Prior Year Findings, and a Corrective
Action Plan) within the required time period.
Criteria: The Chamber was required to submit its December 31, 2021 audited financial statements and
single audit reporting package to the federal audit clearinghouse no later than September 30, 2022, 9
months after the fiscal year-end (2 Code of Federal Regulations 200.512(a)).
Effect: Federal awarding agencies may deny the Chamber future federal awards or subject the Chamber
to additional monitoring requirements.
Cause: The Chamber was not able to complete its single audit by the reporting deadline due to staff
shortages.
Recommendation: We recommended that management strengthen the related internal controls over
monitoring of its year-end reconciliation of its financial statements to ensure that the general ledger
accounts reflect proper and complete activity consistent with their basis of accounting. We believe that
reviews, evaluations of transactions, and reconciliations of accounts should be performed on a regular
basis during the year. This would expedite the year-end closing process and ensure compliance with the
audit report submission requirements of OMB Uniform Guidance.
Management’s Response: Management’s response to the findings is discussed in the Corrective Action
Plan.