For the first time in four years, the state of Iowa submitted its Annual Comprehensive Financial Report and its Single Audit for the previous fiscal year without months of delays. The Iowa Department of Administrative Services released the comprehensive financial report covering fiscal year 2023 (July 2022 through June 2023) in late December, and the State Auditor’s office published the Single Audit on March 29.
The Annual Comprehensive Financial Report typically comes out within six months of the end of a fiscal year. But Iowa State University’s switch to the Workday system for accounting in fiscal year 2020 created enormous difficulty in compiling accurate financial data. As a result, the state’s comprehensive report for FY2020 came out nine months behind schedule.
For the next two years, turnover within the Department of Administrative Services delayed work on the comprehensive report, which came out more than seven months late for FY2021 and eight months late for FY2022.
The Single Audit is a mandatory report covering federal dollars spent by state agencies and universities. It typically comes out in late March but can’t be issued before the comprehensive report is complete. So beginning in FY2020, Iowa’s Single Audit was months late for three years in a row.
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