Description of Finding: Untimely audit submission in accordance with OMB Uniform Guidance
Statement of Concurrence or Nonconcurrence:
The California Asian Pacific Chamber of Commerce (CalAsian) agrees with the finding.
Corrective Action:
CalAsian understands the seriousness of this deficiency and the need for strict adherence to timely audit submissions per the OMB Uniform Guidance. Additional staff have been hired to assist in accounting processes; and an Interim Controller has been hired to review all accounting processes and procedures with the Director of Finance, provide best practice recommendations and month-end closing schedule.
We also understand these findings are repetitive from the 2021 audit; however, due to catch-up of the prior year audits, we were unable to address these issues prior to completion of the 2022 audit. This delay was caused by a change in auditors as our previous auditor did not have the capacity to retain us as clients due to staff shortages related to COVID. A subcontractor has been retained to assist with providing information for the 2023 audit to bring the audits current by March 2025. This issue will be further mitigated in subsequent periods with the implementation of the new accounting system on 1/1/2025.
Monthly reviews of the 2024 financial data, including reconciliations of all accounts will be performed and reviewed by the Controller and Director of Finance.This will allow us to provide the 2024 financial data to the auditors in a more timely manner to ensure completion and submission of the audit per the OMB guidance.
Continued compliance with these new procedures will help to mitigate the risk of untimely submissions in future years.
Name of Contact Person:
Ryan Fong, Director of Finance, 916-446-7883, rfong@calasiancc.org
Pat Fong Kushida, President & CEO, 916-446-7883, patfongkushida@calasiancc.org
Projected Completion Date: March 2025