Finding Text
2024-002—Late submission of the Single Audit to the Federal Auditing Clearinghouse
U.S. Department of Education
Student Financial Assistance Programs Cluster
TRIO Cluster
Federal Award Year: 2023-2024
Repeat Finding: No
Criteria
The Code of Federal Regulations (2 CFR 200.512(a)) requires that each organization’s audit must be completed and the data collection form and reporting package should be submitted within the earlier of 30 days after receipt of the auditor’s report or nine months after the end of the audit period.
Condition
The Single Audit package for the College’s fiscal year ended June 30, 2024 should have been submitted to the Federal Audit Clearinghouse by March 31, 2024. The College’s fiscal year 2024 Single Audit package was not submitted to the Federal Audit Clearinghouse within the required time frame.
Cause
This was due to staffing constraints at the College as well as the implementation of several new systems which impacted the College’s delivery of final trial balances and requested workpapers at the scheduled time of the audit.
Effect
Noncompliance with federal regulations could result in the loss of future federal funding.
Context
As of the date of issuance of the single audit report (which is subsequent to the College’s deadline of March 31, 2024), the single audit report was not issued within the required deadline.
Questioned costs
There were no questioned costs with respect to this finding.
Recommendation
We recommend that the College review current processes and controls in place in order to ensure that future submissions are reported timely.
Views of responsible officials
Management agrees with this finding. See corrective action plan.