Develop and document MCC's oversight procedures for verification of Millennium Challenge Accounts' physical verification of all fixed assets acquired with MCC funds annually as required by the Millennium Challenge Accounts' Fiscal Accountability Plan.
Obtain the Accountable Entity's report summarizing the results of the annual physical count, inspection, and reconciliation, including explanations for any discrepancies noted and follow up on any delays.
Require the Accountable Entity Chief Financial Officer to review the annual report and approve any adjustments necessary to reconcile Fixed Assets Register with the accounting records.
Develop and document MCC's oversight procedures to ensure the Accountable Entity's physical count of all Program Fixed Assets is conducted within the required 90 days before the Compact closeout.
Update MCC's Accountable Entity Audit process to include additional internal controls and monitoring procedures to ensure that any Covered Providers are identified clearly in each Millennium Challenge Accounts Audit Plan and ensure the Millennium Challenge Accounts Audit Plan provides a detailed schedule for completing the required audits of the identified Covered Providers.
Update MCC's updated monitoring procedures to ensure that Covered Provider audits are completed prior to program closure, as well as formalizing the evaluation and documentation of approvals of any deviations or extensions arising with respect to Covered Provider audits.