Finding Text
Compliance Requirement: Reporting Criteria: In accordance with 2 U.S. Code of Federal Regulations (CFR) 200.512, the Organization is required to submit its single audit reporting package and data collection form to the Federal Audit Clearinghouse (FAC) no later than 30 days after the date of its audited financial statements or 9 months after the fiscal year end, whichever occurs earlier. Due to the ongoing Coronavirus Pandemic, the Office of Management and Budget issued memorandum M-20-26 extending the deadline 3 months beyond the normal due date. Condition and Context: The federal reporting due date for the Organization’s June 30, 2022 single audit reporting package is March 31, 2023. However, the organization did not issue its single audit reporting package until November 2023. Effect: Late filing is considered in noncompliance with timely submission of financial information to the Federal Audit Clearinghouse. Cause: The Organization suffered operational difficulties as a result of key employee turnover and internal control deficiencies. As a result, material adjustments to the financial statements were made. In order to support the adjustments and comply with Generally Accepted Government Auditing Standards significantly more time and documentation was required to be obtained. This significantly delayed the closing and delivery of the financial reporting package. Recommendation: The Organization should implement the recommendations described here in to ensure that future reporting requirements are complied with in a timely manner. Management Response: See Corrective Action Plan.