Finding Text
Finding No. 2023-001: Prior Year Reporting Package and Data Collection Not Filed Timely
a. The Ludden Housing Development Fund Company, Inc. March 31, 2022 reporting
package and data collection form was not filed with the Federal Audit
Clearinghouse on time.
b. Criteria: 2 CFR section 200.512(a)(1) requires the reporting package and
data collection form to be submitted to the Federal Audit Clearinghouse
the earlier of 30 days after the reports are received from the auditors or
nine months after the end of the audit period.
c. Effect of condition: The effect is that the project would not be
considered a "Low Risk Auditee" for at least the fiscal years ending March
31, 2023 and March 31, 2024. This designation will require the auditor to
audit at least 40% of the project's programs as Major programs until such
time that the project may be considered a “Low Risk Auditee” again.
d. Cause of condition: The reporting package and data collection form was
submitted to the Federal Audit Clearinghouse 353 days late due to a delay
in receiving audit evidence. The form was submitted on December 19, 2023.
e. Recommendation: We recommend that management implement procedures to
ensure that reporting packages and data collection forms are filed timely
in the future.
f. Views of responsible officials and planned corrective actions: Bishop
Ludden agrees with the finding and the auditor’s recommendations have been
adopted.