Sample Entity Corrective Action Plan Year Ended June 30, 2017 Contact Person, Anticipated Comment Title, Date of Number Comment Corrective Action Plan Phone Number Completion II-A-17 Segregation of We have reviewed procedures and plan Tom Claim, Duties to make the necessary changes to Administrator, November 2, 2017 improve internal control. (515) YYY-XXXX II-B-17 Financial We will revise our current procedures Joe Reporting to ensure the proper amounts are November 2, 2017 Program Director, recorded in the financial statements in (515) YYY-XXXX the future. 2017-001 Unsupported We will revise our procedures so Tom Claim, Documentation to support Expenditures documentation (e.g. invoices and time Administrator, expenditures will be cards) is maintained to support federal (515) YYY-XXXX maintained effective expenditures. We returned the immediately. The questioned $25,589 of questioned costs to the Iowa costs were returned to the Economic Development Authority on Iowa Economic Development October 3, 2017. Authority on October 3, 2017. 2017-002 Segregation of We have reviewed procedures and plan Duties over to make the necessary changes to Federal improve internal control. Specifically, Julie Ledger, Revenues the custody, record-keeping and November 2, 2017 Treasurer, reconciling functions currently (515) YYY-XXXX performed by the Deputy Treasurer will be separated and spread among the Treasurer, Deputy Treasurer and Clerk. 2017-003 Financial We have implemented an independent Review procedures have been Reporting review process which requires review implemented. Timely report by the Program Director, effective Joe Smith, filing will begin with the immediately. In addition, beginning Program Director, quarter ending December with the December 2017 quarterly (515) YYY-XXXX 2017. 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 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.
17CommunityCollegeSampleReport_A93F7FE325E4A.docx