Finding Text
AuditFinding 2023-001: Timeliness of Audited Financial Statements SubmissionCriteria: The Federal Clearinghouse requires the audit and reporting packet be submitted within nine months after the end of the reporting period.Condition and context: The December 31, 2022 financial statements were not submitted to the Federal Clearinghouse by the nine-month due date.Effect: No effect other than filing the audit report packet late. LMC Children Services has always filed the financial statements, tax return (payroll and 990) by the due. This was just an oversight for the calendar year ended December 31, 2022.Cause: Just an oversight by LMC Children Services of the due date.Recommendation: I am recommending that LMC Children Services file the reporting package to the Federal Clearinghouse at the same time as the 990 Federal Tax Return which is a week after receipt of the audit report.