Finding Text
Program Information: Student Financial Assistance Cluster (ALN: Various) and Title III Strengthening Historically Black Colleges and Universities Program (ALN: 84.031B)
Criteria or Specific Requirement (Including Statutory, Regulatory
or Other Citation): L. Reporting - The Office of Management and Budget (“OMB”) requires recipients and subrecipients of federal funding to complete audits and submit the data collection form and financial statement reporting package to the Federal Audit Clearinghouse within the earlier of 30 calendar days after receipt of the auditor's reports, or nine months after the end of the audit period.
Condition: The University did not submit the June 30, 2023 Single Audit reporting package to the Federal Audit Clearinghouse by the required deadline.
Cause: Insufficient internal controls and lack of administrative oversight with respect to timely financial statement reporting and appropriate documentation retention that is needed to complete the University’s financial statement audit and Single Audit within the required timeframe.
Effect or Potential Effect: The University is not in compliance with Single Audit reporting deadlines.
Questioned Costs: None.
Context: The University did not submit the June 30, 2023 Single Audit reporting package within the required timeframe.
Identification as a Repeat Finding: No similar findings noted in the prior year.
Recommendation: We recommend the University enhance its internal controls and procedures to ensure that financial statement reporting is completed timely and appropriate documentation retention is maintained in order to complete financial and compliance audits within the required timeframe.
Views of Responsible Officials and Planned Corrective Actions: The University concurs with the finding. The University will enhance and strengthen internal controls and procedures. As the university tightens internal controls and procedures, financial statement reporting will be completed in a timely manner. Also, appropriate documentation retention will be maintained. This will result in compliance audits completed before the required deadline.