Issue: The Bank's Single Audit Report was submitted late, missing the March 31, 2024 deadline.
Requirement Impacted: This violates the Uniform Guidance which mandates timely submission of audit reports.
Recommended Follow-up: Ensure future audits are completed and submitted on time to avoid compliance issues.
Finding Text
The Single Audit Report of the Bank for the fiscal year ended June 30, 2023, was not submitted on or before March 31, 2024, as required by the Uniform Guidance. The Single Audit related to such period was completed after the 9 months deadline.
Corrective Action Plan
Management agrees with the finding. The delay in the issuance of audited financial statements began in 2019 due to the lack of information on new Government Accounting Standards Board Pronouncements effective on that date. This lack of information affected the issuance of audited financial statements of all Puerto Rico government agencies from that year onwards. Central Government officials worked to correct this situation and provided the necessary data so that audited financial statements could begin to be issued in sufficient time to meet filing deadlines. The audited financial statements of the Economic Development Bank and the Single Audit report for the fiscal year ended June 30, 2023, were issued on August 21, 2024. Management is making every effort to ensure that the audited financial statements and the single audit report of the Economic Development Bank for future fiscal years can be issued as required.