Finding Text
2022-002—Late Audit Report
Federal program information:
Funding agency: All
Title: All
Assistance Listing Number (ALN): All
Award year and number: All
Pass-through entity (if applicable): All
Criteria: According to 2 CFR Part 200.512, the annual single audit must be completed and the data collection form and reporting package must be submitted within the earlier of 30 calendar days after receipt of the auditor's report or nine months after the end of the audit period (June 30, 2023).
Condition: The Institute’s fiscal year 2022 single audit reporting package was not submitted by the due date of June 30, 2023.
Questioned Costs: None.
Context: N/A
Cause: The Institute experienced turnover in the accounting department during the year, which caused delays in completion of year-end reconciliations of the financial statements and the schedule of expenditures of federal awards.
Effect: The audit was not started and completed until more than 9 months after year-end and was ultimately submitted past the regulatory deadline.
Auditor’s Recommendations: The Institute should develop formal accounting policies and procedures, including its monthly and annual reconciliation procedures. This will help ensure that account reconciliations are performed timely so that the audit can be completed earlier in the year and the data collection form and reporting package are submitted by the due date.
Management’s Response: Management of the Institute did not provide any comments in response to this finding.