Finding Text
s
Criteria
2 CFR part 75.512, the Uniform Guidance established the audit must be
completed nine months after the end of audit period and the Single Audit
Reporting package and Data Collection Form (SF-SAC) Federal Audit Clearing
House, must be submitted within the earlier 30 calendar days after receipt of the
auditor’s report, or nine months after the end audit period, whichever comes
first.
Condition
Preliminary Financial reports and programs financial information were
available on July 15, 2023, to prepare the Single Audit Reporting Package.
Questioned Cost
None determined
Cause
Control procedures were not established to provide on time finance information
to prepare the Single Audit reporting package.
Effect
The Corporation did not comply with the submission date required for the Data
Collection Form and Reporting Package, this could affect the continuance and
new approvals of federal funds. In addition, for the next two (2) fiscal years the
Corporation cannot be considered by the auditor as a low-risk auditee.
Identification of repeated findings:
Repeating findings were found.
Recommendation
To prepare a calendar responsibility of Federal funds due dates financial
statements to be prepared on time. Adequate training must be provided to finance
personnel. The board of directors must create an Audit and Finance Committee to
revise monthly financial statements.
Management Response
Agreed with the Finding: We are actively seeking a company to provide guidance
and assistance in report issuance, aiming to streamline and address these
processes effectively.