Condition Found: During our audit, we noted the following: The right-of-use asset and lease liability was not recorded. Repair and maintenance expenses were incorrectly capitalized. Grants given to students using HEERF funds was not correctly recorded. Allowance for uncollectible accounts receivable should have been adjusted. Criteria: The design and implementation of policies and procedures should be sufficient enough for the reconciliation of significant financial accounts and transaction classes to prevent and detect material misstatements in the financial statements. Cause: The end of year closing process was lacking the procedures necessary to identify the adjustments needed. Possible Asserted Effect: In fiscal year 2023, we proposed several adjustments to general ledger accounts. The potential effect could be significant to the financial statements since without these adjustments, the financial statements of the University would have been materially misleading. Repeat Finding :A similar finding was reported in the prior year’s audit as Finding 2022-001.Recommendation:We recommend that the University put in place necessary controls and procedures to ensure that all transactions, especially at year-end, are properly classified. Management Response: We will continue to increase the review of general ledger entries and strive to record all necessary adjustments prior to the beginning of the audit. The accountant will review the prior year adjusting journal entries made to ensure that if similar adjustments are needed that they are made before the audit begins. In addition, the CFO will review the end of year trial balance to make sure the general ledger accounts are correct.
Condition Found: A Federal Direct Loan exit interview was not completed by, nor were instructions sent to, students on how to complete an exit interview when the students graduated from the University or dropped below a halftime enrollment status. This omission occurred for seven of the eighteen students in our sample. Criteria: Federal Direct Loan recipients must receive exit interview counseling. If in-person counseling is not completed, the University may mail written counseling materials to a student’s last known address. Cause: Federal Direct Loan exit counseling was not provided when students withdrew from the University or dropped below a halftime enrollment status. This was an oversight on the part of the financial aid office staff. Effect The students were not aware of their responsibilities related to the Federal Direct Loan program, including repayment options and when repayment on the loan begins. Repeat Finding: There was not a similar finding in the previous year. Statistical Sampling: The sample was not intended to be, and was not, a statistically valid sample. Recommendation: Federal Direct Loan exit interview information should be sent to the students in question. Procedures should be improved to ensure that Federal Direct exit interviews are completed or information is sent to a student when a student ceases attendance at the University or drops below a halftime enrollment status. Management Response: Federal Direct Loan exit interview information was sent to the students in question in August 2023. Procedures will be improved to ensure Federal Direct Loan exit interviews are completed or information is sent to students when they cease enrollment at the University.
Condition Found: During our audit, we noted the following: The right-of-use asset and lease liability was not recorded. Repair and maintenance expenses were incorrectly capitalized. Grants given to students using HEERF funds was not correctly recorded. Allowance for uncollectible accounts receivable should have been adjusted. Criteria: The design and implementation of policies and procedures should be sufficient enough for the reconciliation of significant financial accounts and transaction classes to prevent and detect material misstatements in the financial statements. Cause: The end of year closing process was lacking the procedures necessary to identify the adjustments needed. Possible Asserted Effect: In fiscal year 2023, we proposed several adjustments to general ledger accounts. The potential effect could be significant to the financial statements since without these adjustments, the financial statements of the University would have been materially misleading. Repeat Finding :A similar finding was reported in the prior year’s audit as Finding 2022-001.Recommendation:We recommend that the University put in place necessary controls and procedures to ensure that all transactions, especially at year-end, are properly classified. Management Response: We will continue to increase the review of general ledger entries and strive to record all necessary adjustments prior to the beginning of the audit. The accountant will review the prior year adjusting journal entries made to ensure that if similar adjustments are needed that they are made before the audit begins. In addition, the CFO will review the end of year trial balance to make sure the general ledger accounts are correct.
Condition Found: During our audit, we noted the following: The right-of-use asset and lease liability was not recorded. Repair and maintenance expenses were incorrectly capitalized. Grants given to students using HEERF funds was not correctly recorded. Allowance for uncollectible accounts receivable should have been adjusted. Criteria: The design and implementation of policies and procedures should be sufficient enough for the reconciliation of significant financial accounts and transaction classes to prevent and detect material misstatements in the financial statements. Cause: The end of year closing process was lacking the procedures necessary to identify the adjustments needed. Possible Asserted Effect: In fiscal year 2023, we proposed several adjustments to general ledger accounts. The potential effect could be significant to the financial statements since without these adjustments, the financial statements of the University would have been materially misleading. Repeat Finding :A similar finding was reported in the prior year’s audit as Finding 2022-001.Recommendation:We recommend that the University put in place necessary controls and procedures to ensure that all transactions, especially at year-end, are properly classified. Management Response: We will continue to increase the review of general ledger entries and strive to record all necessary adjustments prior to the beginning of the audit. The accountant will review the prior year adjusting journal entries made to ensure that if similar adjustments are needed that they are made before the audit begins. In addition, the CFO will review the end of year trial balance to make sure the general ledger accounts are correct.
Condition Found: During our audit, we noted the following: The right-of-use asset and lease liability was not recorded. Repair and maintenance expenses were incorrectly capitalized. Grants given to students using HEERF funds was not correctly recorded. Allowance for uncollectible accounts receivable should have been adjusted. Criteria: The design and implementation of policies and procedures should be sufficient enough for the reconciliation of significant financial accounts and transaction classes to prevent and detect material misstatements in the financial statements. Cause: The end of year closing process was lacking the procedures necessary to identify the adjustments needed. Possible Asserted Effect: In fiscal year 2023, we proposed several adjustments to general ledger accounts. The potential effect could be significant to the financial statements since without these adjustments, the financial statements of the University would have been materially misleading. Repeat Finding :A similar finding was reported in the prior year’s audit as Finding 2022-001.Recommendation:We recommend that the University put in place necessary controls and procedures to ensure that all transactions, especially at year-end, are properly classified. Management Response: We will continue to increase the review of general ledger entries and strive to record all necessary adjustments prior to the beginning of the audit. The accountant will review the prior year adjusting journal entries made to ensure that if similar adjustments are needed that they are made before the audit begins. In addition, the CFO will review the end of year trial balance to make sure the general ledger accounts are correct.
Condition Found: During our audit, we noted the following: The right-of-use asset and lease liability was not recorded. Repair and maintenance expenses were incorrectly capitalized. Grants given to students using HEERF funds was not correctly recorded. Allowance for uncollectible accounts receivable should have been adjusted. Criteria: The design and implementation of policies and procedures should be sufficient enough for the reconciliation of significant financial accounts and transaction classes to prevent and detect material misstatements in the financial statements. Cause: The end of year closing process was lacking the procedures necessary to identify the adjustments needed. Possible Asserted Effect: In fiscal year 2023, we proposed several adjustments to general ledger accounts. The potential effect could be significant to the financial statements since without these adjustments, the financial statements of the University would have been materially misleading. Repeat Finding :A similar finding was reported in the prior year’s audit as Finding 2022-001.Recommendation:We recommend that the University put in place necessary controls and procedures to ensure that all transactions, especially at year-end, are properly classified. Management Response: We will continue to increase the review of general ledger entries and strive to record all necessary adjustments prior to the beginning of the audit. The accountant will review the prior year adjusting journal entries made to ensure that if similar adjustments are needed that they are made before the audit begins. In addition, the CFO will review the end of year trial balance to make sure the general ledger accounts are correct.
Condition Found: During our audit, we noted the following: The right-of-use asset and lease liability was not recorded. Repair and maintenance expenses were incorrectly capitalized. Grants given to students using HEERF funds was not correctly recorded. Allowance for uncollectible accounts receivable should have been adjusted. Criteria: The design and implementation of policies and procedures should be sufficient enough for the reconciliation of significant financial accounts and transaction classes to prevent and detect material misstatements in the financial statements. Cause: The end of year closing process was lacking the procedures necessary to identify the adjustments needed. Possible Asserted Effect: In fiscal year 2023, we proposed several adjustments to general ledger accounts. The potential effect could be significant to the financial statements since without these adjustments, the financial statements of the University would have been materially misleading. Repeat Finding :A similar finding was reported in the prior year’s audit as Finding 2022-001.Recommendation:We recommend that the University put in place necessary controls and procedures to ensure that all transactions, especially at year-end, are properly classified. Management Response: We will continue to increase the review of general ledger entries and strive to record all necessary adjustments prior to the beginning of the audit. The accountant will review the prior year adjusting journal entries made to ensure that if similar adjustments are needed that they are made before the audit begins. In addition, the CFO will review the end of year trial balance to make sure the general ledger accounts are correct.
Condition Found: During our audit, we noted the following: The right-of-use asset and lease liability was not recorded. Repair and maintenance expenses were incorrectly capitalized. Grants given to students using HEERF funds was not correctly recorded. Allowance for uncollectible accounts receivable should have been adjusted. Criteria: The design and implementation of policies and procedures should be sufficient enough for the reconciliation of significant financial accounts and transaction classes to prevent and detect material misstatements in the financial statements. Cause: The end of year closing process was lacking the procedures necessary to identify the adjustments needed. Possible Asserted Effect: In fiscal year 2023, we proposed several adjustments to general ledger accounts. The potential effect could be significant to the financial statements since without these adjustments, the financial statements of the University would have been materially misleading. Repeat Finding :A similar finding was reported in the prior year’s audit as Finding 2022-001.Recommendation:We recommend that the University put in place necessary controls and procedures to ensure that all transactions, especially at year-end, are properly classified. Management Response: We will continue to increase the review of general ledger entries and strive to record all necessary adjustments prior to the beginning of the audit. The accountant will review the prior year adjusting journal entries made to ensure that if similar adjustments are needed that they are made before the audit begins. In addition, the CFO will review the end of year trial balance to make sure the general ledger accounts are correct.
Condition Found: A Federal Direct Loan exit interview was not completed by, nor were instructions sent to, students on how to complete an exit interview when the students graduated from the University or dropped below a halftime enrollment status. This omission occurred for seven of the eighteen students in our sample. Criteria: Federal Direct Loan recipients must receive exit interview counseling. If in-person counseling is not completed, the University may mail written counseling materials to a student’s last known address. Cause: Federal Direct Loan exit counseling was not provided when students withdrew from the University or dropped below a halftime enrollment status. This was an oversight on the part of the financial aid office staff. Effect The students were not aware of their responsibilities related to the Federal Direct Loan program, including repayment options and when repayment on the loan begins. Repeat Finding: There was not a similar finding in the previous year. Statistical Sampling: The sample was not intended to be, and was not, a statistically valid sample. Recommendation: Federal Direct Loan exit interview information should be sent to the students in question. Procedures should be improved to ensure that Federal Direct exit interviews are completed or information is sent to a student when a student ceases attendance at the University or drops below a halftime enrollment status. Management Response: Federal Direct Loan exit interview information was sent to the students in question in August 2023. Procedures will be improved to ensure Federal Direct Loan exit interviews are completed or information is sent to students when they cease enrollment at the University.
Condition Found: During our audit, we noted the following: The right-of-use asset and lease liability was not recorded. Repair and maintenance expenses were incorrectly capitalized. Grants given to students using HEERF funds was not correctly recorded. Allowance for uncollectible accounts receivable should have been adjusted. Criteria: The design and implementation of policies and procedures should be sufficient enough for the reconciliation of significant financial accounts and transaction classes to prevent and detect material misstatements in the financial statements. Cause: The end of year closing process was lacking the procedures necessary to identify the adjustments needed. Possible Asserted Effect: In fiscal year 2023, we proposed several adjustments to general ledger accounts. The potential effect could be significant to the financial statements since without these adjustments, the financial statements of the University would have been materially misleading. Repeat Finding :A similar finding was reported in the prior year’s audit as Finding 2022-001.Recommendation:We recommend that the University put in place necessary controls and procedures to ensure that all transactions, especially at year-end, are properly classified. Management Response: We will continue to increase the review of general ledger entries and strive to record all necessary adjustments prior to the beginning of the audit. The accountant will review the prior year adjusting journal entries made to ensure that if similar adjustments are needed that they are made before the audit begins. In addition, the CFO will review the end of year trial balance to make sure the general ledger accounts are correct.
Condition Found: During our audit, we noted the following: The right-of-use asset and lease liability was not recorded. Repair and maintenance expenses were incorrectly capitalized. Grants given to students using HEERF funds was not correctly recorded. Allowance for uncollectible accounts receivable should have been adjusted. Criteria: The design and implementation of policies and procedures should be sufficient enough for the reconciliation of significant financial accounts and transaction classes to prevent and detect material misstatements in the financial statements. Cause: The end of year closing process was lacking the procedures necessary to identify the adjustments needed. Possible Asserted Effect: In fiscal year 2023, we proposed several adjustments to general ledger accounts. The potential effect could be significant to the financial statements since without these adjustments, the financial statements of the University would have been materially misleading. Repeat Finding :A similar finding was reported in the prior year’s audit as Finding 2022-001.Recommendation:We recommend that the University put in place necessary controls and procedures to ensure that all transactions, especially at year-end, are properly classified. Management Response: We will continue to increase the review of general ledger entries and strive to record all necessary adjustments prior to the beginning of the audit. The accountant will review the prior year adjusting journal entries made to ensure that if similar adjustments are needed that they are made before the audit begins. In addition, the CFO will review the end of year trial balance to make sure the general ledger accounts are correct.
Condition Found: During our audit, we noted the following: The right-of-use asset and lease liability was not recorded. Repair and maintenance expenses were incorrectly capitalized. Grants given to students using HEERF funds was not correctly recorded. Allowance for uncollectible accounts receivable should have been adjusted. Criteria: The design and implementation of policies and procedures should be sufficient enough for the reconciliation of significant financial accounts and transaction classes to prevent and detect material misstatements in the financial statements. Cause: The end of year closing process was lacking the procedures necessary to identify the adjustments needed. Possible Asserted Effect: In fiscal year 2023, we proposed several adjustments to general ledger accounts. The potential effect could be significant to the financial statements since without these adjustments, the financial statements of the University would have been materially misleading. Repeat Finding :A similar finding was reported in the prior year’s audit as Finding 2022-001.Recommendation:We recommend that the University put in place necessary controls and procedures to ensure that all transactions, especially at year-end, are properly classified. Management Response: We will continue to increase the review of general ledger entries and strive to record all necessary adjustments prior to the beginning of the audit. The accountant will review the prior year adjusting journal entries made to ensure that if similar adjustments are needed that they are made before the audit begins. In addition, the CFO will review the end of year trial balance to make sure the general ledger accounts are correct.
Condition Found: During our audit, we noted the following: The right-of-use asset and lease liability was not recorded. Repair and maintenance expenses were incorrectly capitalized. Grants given to students using HEERF funds was not correctly recorded. Allowance for uncollectible accounts receivable should have been adjusted. Criteria: The design and implementation of policies and procedures should be sufficient enough for the reconciliation of significant financial accounts and transaction classes to prevent and detect material misstatements in the financial statements. Cause: The end of year closing process was lacking the procedures necessary to identify the adjustments needed. Possible Asserted Effect: In fiscal year 2023, we proposed several adjustments to general ledger accounts. The potential effect could be significant to the financial statements since without these adjustments, the financial statements of the University would have been materially misleading. Repeat Finding :A similar finding was reported in the prior year’s audit as Finding 2022-001.Recommendation:We recommend that the University put in place necessary controls and procedures to ensure that all transactions, especially at year-end, are properly classified. Management Response: We will continue to increase the review of general ledger entries and strive to record all necessary adjustments prior to the beginning of the audit. The accountant will review the prior year adjusting journal entries made to ensure that if similar adjustments are needed that they are made before the audit begins. In addition, the CFO will review the end of year trial balance to make sure the general ledger accounts are correct.
Condition Found: During our audit, we noted the following: The right-of-use asset and lease liability was not recorded. Repair and maintenance expenses were incorrectly capitalized. Grants given to students using HEERF funds was not correctly recorded. Allowance for uncollectible accounts receivable should have been adjusted. Criteria: The design and implementation of policies and procedures should be sufficient enough for the reconciliation of significant financial accounts and transaction classes to prevent and detect material misstatements in the financial statements. Cause: The end of year closing process was lacking the procedures necessary to identify the adjustments needed. Possible Asserted Effect: In fiscal year 2023, we proposed several adjustments to general ledger accounts. The potential effect could be significant to the financial statements since without these adjustments, the financial statements of the University would have been materially misleading. Repeat Finding :A similar finding was reported in the prior year’s audit as Finding 2022-001.Recommendation:We recommend that the University put in place necessary controls and procedures to ensure that all transactions, especially at year-end, are properly classified. Management Response: We will continue to increase the review of general ledger entries and strive to record all necessary adjustments prior to the beginning of the audit. The accountant will review the prior year adjusting journal entries made to ensure that if similar adjustments are needed that they are made before the audit begins. In addition, the CFO will review the end of year trial balance to make sure the general ledger accounts are correct.