Finding 951893 (2021-001)

Material Weakness
Requirement
L
Questioned Costs
-
Year
2021
Accepted
2024-03-11
Audit: 294504
Organization: On the Road Lending (TX)

AI Summary

  • Core Issue: The Organization failed to submit the required federal audit reporting package by the September 30, 2022 deadline.
  • Impacted Requirements: This noncompliance with Uniform Guidance affects the Organization's eligibility for federal awards.
  • Recommended Follow-Up: Establish clear policies to ensure timely submission of future audit reports, with ongoing oversight planned for compliance.

Finding Text

Criteria and Condition: A nonfederal entity that expends $750,000 or more during the nonfederal entity’s fiscal year in federal awards must have a single or program specific audit conducted that year in accordance with Uniform Guidance. The federal single audit, the data collection form, and the reporting package (as defined in Uniform Guidance) must be completed and submitted within 30 days after the receipt of the auditors’ report or nine months after year end, whichever comes earlier. The reporting package includes a copy of the Organization’s audited financial statements and the federal single audit report. The due date for the Organization was September 30, 2022. Cause: The Organization’s data collection form and reporting package was not submitted to the Federal Clearinghouse within the due date of September 30, 2022. The Organization switched audit firms for the fiscal year ended December 31, 2021 audit. The new audit firm was engaged after the September 30, 2022, filing deadline. Effect: The Organization was not in compliance with Uniform Guidance. Questioned Costs: There are no questioned costs as a result of this finding. Perspective Information: The finding is related to improper reporting in line with Uniform Guidance and thus there was no sampling performed. Recommendation: We recommend the Organization establish policies and procedures to ensure the federal single audit or program specific audit reporting package is submitted timely. Views of Responsible Officials: The Organization agrees with the finding and will adhere to the planned corrective action. Planned Corrective Actions: We agree with the recommendation and will implement procedures to oversee the timely filing of the federal single audit or program specific audit reporting package. Anticipated Completion Date: We expect this process to be ongoing to ensure timely reporting. We expect to file timely reports for the fiscal year end December 31, 2023. Responsible Contact Person: Michelle Corson, Owner / Chief Executive Officer

Categories

Reporting Matching / Level of Effort / Earmarking

Other Findings in this Audit

  • 375451 2021-001
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
11.307 Economic Adjustment Assistance - Title Ii, Section 209 $1.58M