Finding 400241 (2023-001)

Significant Deficiency
Requirement
L
Questioned Costs
-
Year
2023
Accepted
2024-06-07

AI Summary

  • Issue: The Superintendence missed the deadline to submit the single audit report for the year ending June 30, 2023.
  • Trend: This delay could indicate ongoing compliance challenges with federal reporting requirements.
  • Follow-up: Ensure timely submission of future reports and consider implementing a tracking system for deadlines.

Finding Text

Condition The Superintendence did not submit the single audit report and reporting package for the year ended June 30, 2023, to the Federal Audit Clearinghouse during the required submission deadline period.

Corrective Action Plan

Corrective Action: The current management team inherited from the previous administration three fiscal years (2018, 2019 & 2020) of delayed financial statement issuances. Since January of 2021 we have been diligently working to put up to date audited financial statements, issuing audited financial statements appropriately every six months (six financial statements issued in three and a half years). Fiscal year 2023 audited financial statements are expected to be issued in May 2024 therefore achieving the goal of the entity having current financial statement information. Fiscal year 2024 financial statements are expected to be issued no later than November 2024, thus (if applicable) sufficient time to meet with the 9 months filing date of single audit information to the Clearinghouse. Implementation Date: July 1, 2024, for Single Audit FY 2023-2024.

Categories

Reporting

Other Findings in this Audit

  • 976683 2023-001
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
21.027 Coronavirus State and Local Fiscal Recovery Funds $2.05M
21.019 Covid-19 Coronavirus Relief Fund (crf) $133,820