Sample Entity Corrective Action Plan Year ended June 30, 2017 Contact Person, Anticipated Comment Title, Date of Comment Number Corrective Action Plan Phone Number Completion II-A-17 Segregation of We have reviewed procedures and Tom Claim, November 2, 2017 Duties plan to make the necessary changes Administrator, to improve internal control. (515) YYY-XXXX We will revise our current II-B-17 Financial November 2, 2017 Joe Smith, Reporting procedures to ensure the proper Program Director, amounts are recorded in the (515) YYY-XXXX financial statements in the future. 2017-001 Unsupported We will revise our procedures so Tom Claim, Documentation to support Expenditures expenditures will be documentation (e.g. invoices and Administrator, maintained effective time cards) is maintained to support (515) YYY-XXXX immediately. The questioned federal expenditures. We returned costs were returned to the the $25,589 of questioned costs to Iowa Economic Development the Iowa Economic Development Authority on October 3, Authority on October 3, 2017. 2017. 2017-002 Segregation of We have reviewed procedures and Julie Ledger, November 2, 2017 Duties over plan to make the necessary changes Treasurer, Federal to improve internal control. (515) YYY-XXXX Revenues Specifically, the custody, and reconciling functions currently performed by the Deputy Treasurer will be separated and spread among the Treasurer, Deputy Treasurer and Clerk. 2017-003 Financial We have implemented an Joe Review procedures have Reporting independent review process which Program Director, been implemented. Timely requires review by the Program (515) YYY-XXXX report filing will begin with Director, effective immediately. In the quarter ending addition, beginning with the December 2017. December 2017 quarterly report, we will submit federal financial reports within the required time frame. 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.
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 Smith, 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, 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 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.