Finding Text
Condition: The data collection form was not submitted within the required timeframe. Criteria: Audited compliance package and completion of the federal single audit is required to be submitted timely to the Federal Audit Clearinghouse (the FAC). The package must be electronically submitted through the FAC website within the earlier of 30 days after receipt of the auditors? report or nine months after the end of the audit period. Cause: The implementation of GASB 87, Leases and the delays in preparing the Schedule of Federal Awards and State Financial Assistance, did not allow for the completion of the federal and state single audit within the required timeframe. Effect: The City can be found to be out of compliance by individual granting agencies. As a result, the federal or state awarding agency could potentially withhold funds until the deficiency is remedied, completely suspend or terminate the award, or withhold further awards for the program. Recommendation: We recommend that the City remedy remaining audit findings reported during the course of the audit and timely prepare expenditure reports and support for purposes of being subject to a single audit. Views of Responsible Officials and Planned Corrective Actions: The City agrees with the auditors? recommendations. See attached Managements Corrective Action Plan.