FAC Explorer

Finding 516620 (2024-001)

Significant Deficiency Repeat Finding
Requirement
L
Questioned Costs
-
Year
2024
Accepted
2024-12-23
Audit: 334598
Organization: Prince George's Community College (MD)
Auditor: Sb & Company LLC

AI Summary

  • Core Issue: The College faced delays in drafting financial statements and completing year-end closing due to inadequate internal controls and staffing changes.
  • Impacted Requirements: Compliance with internal control standards for reliable financial reporting was not met, leading to significant audit delays.
  • Recommended Follow-Up: Review and improve the year-end closing process, clarify roles, and adjust timelines to enhance efficiency and accountability.

Finding Text

Finding 2024-001 Programs: All Significant Deficiency over Financial Reporting Repeat Finding: Yes Condition: During the audit, we noted additional time needed by management to draft the financial statements and complete year-end closing journal entries. We also noted proper account reconciliations were not completed timely during the fiscal year. Criteria: Entities must maintain an adequate system of internal controls over financial reporting to initiate, authorize, record, process and report financial data reliably in accordance with generally accepted accounting principles. Cause: The College did not fully analyze all of its account balances during the year end close process and also experienced transition in a key management position at the end of fiscal year 2024. Effect: There was a significant delay in completing the audit due to ultimately reconciliations and year end closing. Questioned Costs: None. Recommendation: We recommend that the College review its year-end closing process and resolve its staffing in its financial operations department. This review would include reviewing the level of detail of the procedures and the roles of those responsible, considering expanding the steps in the checklist for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline during the close process. Management’s Response and Corrective Action Plan Management agrees with the finding. See schedule of corrective action.

Categories

Subrecipient Monitoring Reporting Significant Deficiency Internal Control / Segregation of Duties

Other Findings in this Audit

  • 516608 2024-001
    Significant Deficiency Repeat
  • 516609 2024-001
    Significant Deficiency Repeat
  • 516610 2024-001
    Significant Deficiency Repeat
  • 516611 2024-001
    Significant Deficiency Repeat
  • 516612 2024-001
    Significant Deficiency Repeat
  • 516613 2024-001
    Significant Deficiency Repeat
  • 516614 2024-001
    Significant Deficiency Repeat
  • 516615 2024-001
    Significant Deficiency Repeat
  • 516616 2024-001
    Significant Deficiency Repeat
  • 516617 2024-001
    Significant Deficiency Repeat
  • 516618 2024-001
    Significant Deficiency Repeat
  • 516619 2024-001
    Significant Deficiency Repeat
  • 516621 2024-001
    Significant Deficiency Repeat
  • 516622 2024-001
    Significant Deficiency Repeat
  • 516623 2024-001
    Significant Deficiency Repeat
  • 516624 2024-001
    Significant Deficiency Repeat
  • 516625 2024-001
    Significant Deficiency Repeat
  • 516626 2024-001
    Significant Deficiency Repeat
  • 516627 2024-001
    Significant Deficiency Repeat
  • 516628 2024-001
    Significant Deficiency Repeat
  • 516629 2024-001
    Significant Deficiency Repeat
  • 516630 2024-001
    Significant Deficiency Repeat
  • 516631 2024-001
    Significant Deficiency Repeat
  • 516632 2024-001
    Significant Deficiency Repeat
  • 516633 2024-001
    Significant Deficiency Repeat
  • 516634 2024-001
    Significant Deficiency Repeat
  • 516635 2024-001
    Significant Deficiency Repeat
  • 516636 2024-001
    Significant Deficiency Repeat
  • 516637 2024-001
    Significant Deficiency Repeat
  • 516638 2024-001
    Significant Deficiency Repeat
  • 516639 2024-001
    Significant Deficiency Repeat
  • 516640 2024-001
    Significant Deficiency Repeat
  • 516641 2024-001
    Significant Deficiency Repeat
  • 516642 2024-001
    Significant Deficiency Repeat
  • 516643 2024-001
    Significant Deficiency Repeat
  • 516644 2024-001
    Significant Deficiency Repeat
  • 516645 2024-001
    Significant Deficiency Repeat
  • 516646 2024-001
    Significant Deficiency Repeat
  • 1093050 2024-001
    Significant Deficiency Repeat
  • 1093051 2024-001
    Significant Deficiency Repeat
  • 1093052 2024-001
    Significant Deficiency Repeat
  • 1093053 2024-001
    Significant Deficiency Repeat
  • 1093054 2024-001
    Significant Deficiency Repeat
  • 1093055 2024-001
    Significant Deficiency Repeat
  • 1093056 2024-001
    Significant Deficiency Repeat
  • 1093057 2024-001
    Significant Deficiency Repeat
  • 1093058 2024-001
    Significant Deficiency Repeat
  • 1093059 2024-001
    Significant Deficiency Repeat
  • 1093060 2024-001
    Significant Deficiency Repeat
  • 1093061 2024-001
    Significant Deficiency Repeat
  • 1093062 2024-001
    Significant Deficiency Repeat
  • 1093063 2024-001
    Significant Deficiency Repeat
  • 1093064 2024-001
    Significant Deficiency Repeat
  • 1093065 2024-001
    Significant Deficiency Repeat
  • 1093066 2024-001
    Significant Deficiency Repeat
  • 1093067 2024-001
    Significant Deficiency Repeat
  • 1093068 2024-001
    Significant Deficiency Repeat
  • 1093069 2024-001
    Significant Deficiency Repeat
  • 1093070 2024-001
    Significant Deficiency Repeat
  • 1093071 2024-001
    Significant Deficiency Repeat
  • 1093072 2024-001
    Significant Deficiency Repeat
  • 1093073 2024-001
    Significant Deficiency Repeat
  • 1093074 2024-001
    Significant Deficiency Repeat
  • 1093075 2024-001
    Significant Deficiency Repeat
  • 1093076 2024-001
    Significant Deficiency Repeat
  • 1093077 2024-001
    Significant Deficiency Repeat
  • 1093078 2024-001
    Significant Deficiency Repeat
  • 1093079 2024-001
    Significant Deficiency Repeat
  • 1093080 2024-001
    Significant Deficiency Repeat
  • 1093081 2024-001
    Significant Deficiency Repeat
  • 1093082 2024-001
    Significant Deficiency Repeat
  • 1093083 2024-001
    Significant Deficiency Repeat
  • 1093084 2024-001
    Significant Deficiency Repeat
  • 1093085 2024-001
    Significant Deficiency Repeat
  • 1093086 2024-001
    Significant Deficiency Repeat
  • 1093087 2024-001
    Significant Deficiency Repeat
  • 1093088 2024-001
    Significant Deficiency Repeat

Programs in Audit

ALN Program Name Expenditures
84.063 Federal Pell Grant Program $16.94M
84.268 Federal Direct Lending $8.93M
84.425 Covid-19 - Instituitional Portion of Emergency Relief Funds Formula Grant Under the Cares Act II $2.27M
84.425 Covid-19 - Instituitional Portion of Emergency Relief Funds Formula Grant Under the Cares Act III $2.13M
84.002 Adulth Education and Family Literacy Services $1.27M
84.031 Predominantly Black Instituion Program $1.04M
47.076 Community College Presidents Initiative - Stem (ccpi Stem) $890,696
84.425 Covid-19 -Instituional Resilience and Expanded Postsecondary Opportunity $656,776
84.048 Fy24 Perkins $603,901
93.566 Mora Esol $452,463
84.042 Trio - Student Support Services (sss) $450,367
84.425 Covid-19 - Heerf Minority Serving Instituitions $401,336
84.033 Federal Work-Study Program $381,733
84.007 Federal Supplemental Educational Opportunity Grants $369,104
47.076 National Cyberwatch Resource Center $339,357
84.425 Covid-19 - Instituitional Portion of Emergency Relief Funds Formula Grant Under the Cares Act $279,291
84.047 Trio - Upward Bound $269,910
84.047 Trio Veterans Upward Bound $258,506
47.076 Fortifying Cybersecurity and Computing Education (forcce Ate) $233,937
12.560 Defense Stem Education Consortium $138,661
12.903 Gencyber Camp $117,005
20.235 Commercial Motor Vehicle Operator Safety Training Grants $103,227
43.008 Office of Stem Engagement Development and Careers $96,967
84.048 Fy23 Perkins $66,883
47.076 National Cyberwatch Center Continuation Grant $33,948
93.859 Nih/msu B2b Program $33,488
17.285 Fy24 Apprenticeship Expansion Grant $25,242
84.063 Pell Administrative Allowance $22,424
47.076 Bar Asswss Readiness $19,568
47.076 Cyberwatch Europe Cubersec Mod $16,003
47.076 Promoting Achievement Snd Diversity in Economics $13,753
47.076 Ncc Supplement $5,431
47.076 Mentor Links Advanced Technological Education $3,871
10.551 Snap Outreach $2,868
64.027 Veteran Fees $2,254
47.076 Cyber Watch Center 3 $1,844
10.574 Msde Food Nutrition $1,578
10.559 Summer Food Service Program for Children $1,224