The Data Collection Process - Everything You Need to Know

Posted by Meaden & Moore on Jan 4, 2017 8:00:00 AM

The Data Collection Process-Everything You Need to Know Many non-profit organizations are already aware of the requirements of a single audit and the reason for this audit. Something that these entities may not be familiar with is the requirement of submitting the Data Collection Form (DCF) after a single audit is completed.

So what is this Data Collection Form and why is it important?

The Data Collection process is a requirement for all single audits, and essentially is a summary of the single audit results. This is something that must be completed – no excuses allowed. The submission of the form is done online using the Federal Audit Clearinghouse (FAC) website, and must be completed within the earlier of:

1. 30 calendar days after receipt of the auditor’s report(s) or

2. 9 months after the end of the audit period

If the due date falls on a Saturday, Sunday or federal holiday, the reporting package is due on the next business day.

With the implementation of the new Uniform Grant Guidance rules that went into effect for fiscal years beginning on or after January 1, 2015, there is a new DCF that must be completed. The new form is required to be used for audits of fiscal periods beginning on or after December 26, 2014. The DCF is completed online using the FAC website, and the complete reporting package must include the following:

1. Financial Statements and Schedule of Expenditures of Federal Awards (SEFA)

2. Auditor’s report on the Financial Statements

3. Auditor’s report on the SEFA

4. Auditor’s report on the Internal Control over Financial Reporting and on Compliance and Other Matters (i.e. Yellow Book report)

5. Auditor’s Report on Compliance with Requirements that Could Have Direct and Material Effect on Each Major Program and on Internal Control over Compliance (i.e. single audit report)

6. Schedule of Findings and Questioned Costs

7. Summary Schedule of Prior Audit Findings

8. Management’s View and Corrective Action Plan

From the above listing, the auditee is required to complete items 1, 7, and 8 and the auditor is required to complete the remaining items. The DCF is the responsibility of both the auditor and the auditee, and both parties must signoff and certify that they are in agreement with the information included in the DCF. Lastly, the information contained in the reporting package is available for public inspection on the FAC website. As such, auditees must be cautious that the information does not include personally identifiable information such as social security numbers, bank account numbers, etc.

The Data Collection process can be very easy to complete, so don’t be overwhelmed and take it one step at a time. And, as always, make sure to enlist the help and guidance from your auditor!