Finding Text
Criteria Audits of financial statements of HUD projects are required to be submitted to the REAC 90 days after the end of the fiscal year and audits of financial statements and supplemental information performed under Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (?Uniform Guidance?) are required to be submitted to the Federal Audit Clearinghouse 30 days after receipt of the auditors? report, or nine months after the end of the fiscal year, whichever comes first. Condition The audited financial statements, reports and supplemental information for the year ended September 30, 2021 were not submitted to the REAC within 90 days of the Organization?s fiscal year end, and was not submitted to the Federal Audit Clearinghouse within nine months of the fiscal year end. Cause The audit of the financial statements was not completed in the specified time period. Questioned Costs None noted. Effect The Organization is noncompliant with the requirements of HUD and Uniform Guidance. Recommendation The Organization should submit the audited financial statements to the REAC and the Federal Audit Clearinghouse within the required timeframe and implement controls to ensure timely submission. Views of Responsible Official and Planned Corrective Action Management agrees with the finding.