Finding 498149 (2023-002)

The current management team agrees with the recommendation that management needs to ensure documentation for the audit is readily available and properly reviewed for accuracy and completeness, to enable timely audit submission to the Federal Data Clearinghouse and funding agencies. New management has worked tirelessly to complete four outstanding audits in just over fourteen months to be able to submit the 2024 audit timely. The delay in audits stemmed from a shortage of key staff in the fiscal and accounting departments due to unanticipated personnel changes and vacancies. We have hired additional personnel in key areas of the fiscal department, including experienced accountants and accounting managers. We are revising our internal timelines and processes for audit preparation. A new internal deadline for audit completion has been set earlier than the statutory deadline to allow for any unforeseen challenges. We have initiated an upgrade of our financial systems to streamline data collection and improve the efficiency of our reporting processes. Management will closely monitor the audit preparation process throughout the fiscal year to ensure timeliness. Monthly progress reports will be generated to track the completion of key audit milestones. Any potential delays will be escalated promptly to senior management for resolution. Management is fully committed to ensuring that future annual audits are completed within the required timeframes. The actions outlined above are designed to prevent recurrence of this issue and ensure compliance with all relevant regulations.