Puerto Rico Integrated Transit Authority

2 CFR Part 200.512, Report Submission- General, states that (1) The audit must be completed and the Date Collection Form and the Reporting Package must be submitted within the earlier of 30 calendar days after receipt of the auditor's report(s), or nine months after the end of the audit perid. If the due date falls on a Saturday, Sunday, or Federal holiday, the reporting package is due the next business day. The Data Collection Form and the Reporting Package for the year ended June 30, 2023 were not timely submitted to the federal government.

To address these issues, the newly appointed Director has implemented procedures to ensure the timely closing of accounting recrds, subsidiaries, and reconciliations, following procedures in place including ATI-0001-2025 (Accounting and Finance Operations), ATI -0002-2015 (Period End Procedures), and ATI-0005-2015 (accounts Payable). These efforts include establishing a structured closing schedule, standardizing record maintenance processes, and enhancing reconciliation protocols. Additional measures such as improving the tracking and archival of financial records have also been introduced. Furthermore, a team consisting of both internal staff and external consultants has been assigned to support these inititives and facilitate the timely completion of the Single Audit process.