Finding Text
Criteria: In accordance with 2 CFR Section 200.512(a), the audit must be completed and data collection form and reporting package must be submitted within the earlier of 30 calendar days after receipt of the auditor’s report(s), or nine months after the end of the audit period, adjusted for any extensions permitted by the Office of Management and Budget. Additionally, management is required to prepare a complete and accurate SEFA.
Condition: We noted that the audit, reporting package, and data collection form for the year ended December 31, 2022, were not filed by the deadline of September 30, 2023, to the Federal Audit Clearinghouse. Additionally, the SEFA was not accurately, completely, and timely prepared.
Cause: The Corporation did not have a formal process in place during the year ended December 31, 2022, to accurately, completely, and timely prepare the SEFA.
Effect or Potential Effect: The audit, reporting package, and data collection form for the year ended December 31, 2022, were not accessible to the Federal Audit Clearinghouse in a timely manner and the SEFA was not timely, accurately, or completely prepared.
Questioned costs: None
Context: The audit, reporting package, and data collection form for the year ended December 31, 2022, was filed untimely to the Federal Audit Clearinghouse.
Repeat finding: This is a repeat finding from prior year. This was reported as finding 2021-004 in the 2021 report.
Recommendation: We recommend the Corporation adopt policies and procedures, including tracking and monitoring of reporting requirements, to ensure that the SEFA is timely, accurately, and completely prepare and that the audit, reporting package, and data collection form are electronically filed with the Federal Audit Clearinghouse within the applicable deadline.
View of Responsible Officials: Due to turnover of several key financial executives and personnel and lack of formal documentation of current policies and procedures, the Corporation was unable to timely prepare the SEFA and related audit documentation.