Finding Text
2024-002 Criteria: The United States Department of Agriculture reporting requirements of the Intermediary Relending Program requires that the audit report be completed within 90 days after year end. Condition: The audit report was not completed within 90 days after year end. Effect: Noncompliance with the reporting requirements. Cause: The audit firm did not complete the audit within 90 days. Generally, federal submission audit requirements for federal funds are within nine months of year end. Recommendation: The audit engagement letter will stipulate the 90-day requirement for audit submission. Views of responsible officials and planned corrective action: The Board of Directors agree with this finding.