FAC Explorer

Finding 587660 (2023-001)

Significant Deficiency Repeat Finding
Requirement
P
Questioned Costs
-
Year
2023
Accepted
2024-02-01
Audit: 14996
Organization: Prince George's Community College (MD)
Auditor: Sb & Company LLC

AI Summary

  • Core Issue: Management needed extra time to finalize financial statements and year-end entries, leading to a significant audit adjustment.
  • Impacted Requirements: The College's internal controls over financial reporting were inadequate, affecting compliance with accounting principles.
  • Recommended Follow-Up: Review and improve the year-end closing process, clarify roles, expand checklist steps, and manage timelines better.

Finding Text

Condition: During the audit, we noted additional time needed by management to draft the financial statements and complete year-end closing journal entries. There was also a significant audit entry identified and required during the audit. Criteria: Entities must maintain an adequate system of internal controls over financial reporting to initiate, authorize, record, process and report financial data reliably in accordance with generally accepted accounting principles. Cause: The College did not fully analyze all of its account balances during the year end close process and also experienced transition in a key management position at the end of fiscal year 2023. Effect: A significant adjusting entry was recorded to accurately state the financial statements, and there was a delay in completing the audit. Questioned Costs: None. Recommendation: We recommend that the College review its year-end closing process used for fiscal year 2023 and resolve its staffing in its financial position. This review would include reviewing the level of detail of the procedures and the roles of those responsible, considering expanding the steps in the checklist for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline during the close process.

Categories

Subrecipient Monitoring Reporting Internal Control / Segregation of Duties

Other Findings in this Audit

  • 11182 2023-001
    Significant Deficiency Repeat
  • 11183 2023-001
    Significant Deficiency Repeat
  • 11184 2023-001
    Significant Deficiency Repeat
  • 11185 2023-001
    Significant Deficiency Repeat
  • 11186 2023-001
    Significant Deficiency Repeat
  • 11187 2023-001
    Significant Deficiency Repeat
  • 11188 2023-001
    Significant Deficiency Repeat
  • 11189 2023-001
    Significant Deficiency Repeat
  • 11190 2023-001
    Significant Deficiency Repeat
  • 11191 2023-001
    Significant Deficiency Repeat
  • 11192 2023-001
    Significant Deficiency Repeat
  • 11193 2023-001
    Significant Deficiency Repeat
  • 11194 2023-001
    Significant Deficiency Repeat
  • 11195 2023-001
    Significant Deficiency Repeat
  • 11196 2023-001
    Significant Deficiency Repeat
  • 11197 2023-001
    Significant Deficiency Repeat
  • 11198 2023-001
    Significant Deficiency Repeat
  • 11199 2023-001
    Significant Deficiency Repeat
  • 11200 2023-001
    Significant Deficiency Repeat
  • 11201 2023-001
    Significant Deficiency Repeat
  • 11202 2023-001
    Significant Deficiency Repeat
  • 11203 2023-001
    Significant Deficiency Repeat
  • 11204 2023-001
    Significant Deficiency Repeat
  • 11205 2023-001
    Significant Deficiency Repeat
  • 11206 2023-001
    Significant Deficiency Repeat
  • 11207 2023-001
    Significant Deficiency Repeat
  • 11208 2023-001
    Significant Deficiency Repeat
  • 11209 2023-001
    Significant Deficiency Repeat
  • 11210 2023-001
    Significant Deficiency Repeat
  • 11211 2023-001
    Significant Deficiency Repeat
  • 11212 2023-001
    Significant Deficiency Repeat
  • 11213 2023-001
    Significant Deficiency Repeat
  • 11214 2023-001
    Significant Deficiency Repeat
  • 11215 2023-001
    Significant Deficiency Repeat
  • 11216 2023-001
    Significant Deficiency Repeat
  • 11217 2023-001
    Significant Deficiency Repeat
  • 11218 2023-001
    Significant Deficiency Repeat
  • 11219 2023-001
    Significant Deficiency Repeat
  • 11220 2023-001
    Significant Deficiency Repeat
  • 11221 2023-001
    Significant Deficiency Repeat
  • 11222 2023-001
    Significant Deficiency Repeat
  • 587624 2023-001
    Significant Deficiency Repeat
  • 587625 2023-001
    Significant Deficiency Repeat
  • 587626 2023-001
    Significant Deficiency Repeat
  • 587627 2023-001
    Significant Deficiency Repeat
  • 587628 2023-001
    Significant Deficiency Repeat
  • 587629 2023-001
    Significant Deficiency Repeat
  • 587630 2023-001
    Significant Deficiency Repeat
  • 587631 2023-001
    Significant Deficiency Repeat
  • 587632 2023-001
    Significant Deficiency Repeat
  • 587633 2023-001
    Significant Deficiency Repeat
  • 587634 2023-001
    Significant Deficiency Repeat
  • 587635 2023-001
    Significant Deficiency Repeat
  • 587636 2023-001
    Significant Deficiency Repeat
  • 587637 2023-001
    Significant Deficiency Repeat
  • 587638 2023-001
    Significant Deficiency Repeat
  • 587639 2023-001
    Significant Deficiency Repeat
  • 587640 2023-001
    Significant Deficiency Repeat
  • 587641 2023-001
    Significant Deficiency Repeat
  • 587642 2023-001
    Significant Deficiency Repeat
  • 587643 2023-001
    Significant Deficiency Repeat
  • 587644 2023-001
    Significant Deficiency Repeat
  • 587645 2023-001
    Significant Deficiency Repeat
  • 587646 2023-001
    Significant Deficiency Repeat
  • 587647 2023-001
    Significant Deficiency Repeat
  • 587648 2023-001
    Significant Deficiency Repeat
  • 587649 2023-001
    Significant Deficiency Repeat
  • 587650 2023-001
    Significant Deficiency Repeat
  • 587651 2023-001
    Significant Deficiency Repeat
  • 587652 2023-001
    Significant Deficiency Repeat
  • 587653 2023-001
    Significant Deficiency Repeat
  • 587654 2023-001
    Significant Deficiency Repeat
  • 587655 2023-001
    Significant Deficiency Repeat
  • 587656 2023-001
    Significant Deficiency Repeat
  • 587657 2023-001
    Significant Deficiency Repeat
  • 587658 2023-001
    Significant Deficiency Repeat
  • 587659 2023-001
    Significant Deficiency Repeat
  • 587661 2023-001
    Significant Deficiency Repeat
  • 587662 2023-001
    Significant Deficiency Repeat
  • 587663 2023-001
    Significant Deficiency Repeat
  • 587664 2023-001
    Significant Deficiency Repeat

Programs in Audit

ALN Program Name Expenditures
84.063 Federal Pell Grant Program $14.72M
84.268 Federal Direct Lending $9.11M
84.425 Covid-10 Emergency Financial Aid to Students Under the Cares Act III $4.16M
84.425 Covid-19 Institutional Portion of Emergency Relief Funds Formula Grant Under the Cares Act II $2.33M
84.425 Covid-19 Instituional Portion of Emergency Relief Funds Formula Grant Under the Cares Act III $2.15M
84.002 Adult Education and Family Literacy Services $1.24M
84.031 Predominantly Black Institutions Program $1.07M
84.425 Minority Serving Institutions $1.02M
47.076 Community College Presidents Intiative - Stem (ccpi Stem) $803,900
84.425 Institutional Resilience and Expanded Postsecondary Opportunity $724,944
84.425 Covid-19 Instituional Portion of Emergency Relief Funds Formula Grant Under the Cares Act $656,423
84.425 Covid-19 Education Stabilization Fund II $569,135
84.048 Career and Technical Education Perkins Fy23 $563,743
93.566 Esl for Legal Reguees/asylees $519,652
84.042 Trio - Student Support Services $447,625
84.007 Federal Supplemental Educational Opportunity Grants $404,359
47.076 National Cyberwatch Resource Center $311,648
84.033 Federal Work Study Program $243,405
84.047 Trio-Fy23 Upward Bound $208,991
47.076 Fortifying Cybersecurity and Computing Education (forcee Ate) $183,989
84.047 Trio-Fy23 Veterans Upward Bound $129,252
12.560 Defense Stem Education Consortium $116,373
84.047 Trio-Fy18 Veterans Upward Bound $107,765
12.903 Gencyber Camp $103,427
97.000 Uiuc-Campaign $92,109
84.047 Trio-Fy18 Upward Bound $90,879
84.116 Fund for the Improvement of Postsecondary Education $83,473
47.076 National Cyberwatch Center Continuation Grant $80,155
47.076 Ncc Supplement $73,140
43.008 Office of Stem Engagment Development and Careers $54,395
10.561 State Administrative Matching Grants for the Supplemental Nutrition Assistance Program $44,245
20.235 Commercial Motor Vehicle Operator Safety Training Grants $27,710
84.063 Pell Administrative Allowance $27,082
10.574 Team Nutrition Grants $24,600
84.048 Career and Technical Education Perkins Fy22 $21,796
93.859 Nih/nsu B2b Program $20,408
47.076 Fortifying Cybersecurity and Computing Education $15,197
21.009 Volunteer Income Tax Assistance (vita) Matching Grant Program $11,366
84.425 Covid-19 Education Stabilization Fund $8,562
64.027 Veteran Fees $3,087
10.559 Summer Food Service Program for Children $2,038