Sample Entity Corrective Action Plan Year Ended June 30, 2017 Comment Number Comment Corrective Action Plan Contact Person, Title, Phone Number Anticipated Date of Completion II-A-17 Segregation of Duties We have reviewed procedures and plan to make the necessary changes to improve internal control. Tom Claim, Administrator, (515) YYY-XXXX November 2, 2017 II-B-17 Financial Reporting We will revise our current procedures to ensure the proper amounts are recorded in the financial statements in the future. Joe Program Director, (515) YYY-XXXX November 2, 2017 2017-001 Unsupported Expenditures We will revise our procedures so documentation (e.g. invoices and time cards) is maintained to support federal expenditures. We returned the $25,589 of questioned costs to the Iowa Economic Development Authority on October 3, 2017. Tom Claim, Administrator, (515) YYY-XXXX Documentation to support expenditures will be maintained effective immediately. The questioned costs were returned to the Iowa Economic Development Authority on October 3, 2017. 2017-002 Segregation of Duties over Federal Revenues We have reviewed procedures and plan to make the necessary changes to improve internal control. Specifically, the custody, record-keeping and reconciling functions currently performed by the Deputy Treasurer will be separated and spread among the Treasurer, Deputy Treasurer and Clerk. Julie Ledger, Treasurer, (515) YYY-XXXX November 2, 2017 2017-003 Financial Reporting We have implemented an independent review process which requires review by the Program Director, effective immediately. In addition, beginning with the December 2017 quarterly report, we will submit federal financial reports within the required time frame. Joe Smith, Program Director, (515) YYY-XXXX Review procedures have been implemented. Timely report filing will begin with the quarter ending December 2017. In accordance with Uniform Guidance Section 200.511(a), the Corrective Action Plan must include findings relating to the financial statements which are required to be reported in accordance with Government Auditing Standards.
Comment Reference Comment Title Status If not corrected, provide reason for finding’s recurrence and planned corrective action or other explanation II-B-14 2015-001 2016-001 Minority Business Enterprise/ Business Enterprise (MBE/WBE) No longer valid; does not warrant further action. Over two years have passed since the reporting of this audit finding. The Grantor Agency has not followed up on this finding, nor has a management decision been issued on its part. III-A-15 2015-002 III-A-16 2016-002 Segregation of Duties over Federal Revenues Not corrected. Limited staff resulting from staff turnover. Plan to segregate duties for custody, recordkeeping and reconciling among staff when positions are filled. II-B-15 II-B-16 Capital Assets Corrective action taken. 2016-003 Financial Reporting Partially corrected. Time was necessary to develop and implement review procedures. Timely report filing will begin with the quarter ending December 2017. Sample Community College Summary Schedule of Prior Audit Findings Year ended June 30, 2017 In accordance with Uniform Guidance Section 200.511(a), the Summary Schedule of Prior Audit Findings must also include findings relating to the financial statements which are required to be reported in accordance with Government Auditing Standards.