FAC Explorer

Finding 34142 (2022-001)

Significant Deficiency
Requirement
P
Questioned Costs
-
Year
2022
Accepted
2023-03-29
Audit: 30452
Organization: Rust College, INC (MS)
Auditor: Booker T Camper JR CPA

AI Summary

  • Issue: Cash reconciliations were not done regularly, and the Voucher payable system was posted late to the General Ledger.
  • Impact: This led to inaccuracies in the General Ledger accounts each month.
  • Recommendation: Implement daily backups for the accounting system to prevent future data loss; management agrees and will enforce best practices.

Finding Text

Condition: Cash reconciliations were not prepared on a regular basis to complete the accounting cycle during the year and Voucher payable system was not posted to the General Ledger on a timely basis during the year. Criteria: Code of Federal Regulations PART 200, Subpart F. Green Book, GAO.gov, Compliance Supplements, July 2021. Effect: General Ledger accounts are not properly stated on a monthly basis. Cause: Accounting system was compromised due to power outage that resulted in data loss. Recommendations: New accounting system should be backed up daily to eliminate the possibility of data loss. Views of the Responsible Officials: Management concurs with finding 2202-001 and will mandate adherence to best practices as it relates to system back-up.

Corrective Action Plan

Finance and Business Department, along with Chief Information Officer, will be working together to ensure that back-ups are done daily to the Cloud and offsite data storage and, in addition, all upgrades to the system are promptly addressed.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 34143 2022-002
    Significant Deficiency
  • 34144 2022-001
    Significant Deficiency
  • 34145 2022-002
    Significant Deficiency
  • 34146 2022-001
    Significant Deficiency
  • 34147 2022-002
    Significant Deficiency
  • 34148 2022-002
    Significant Deficiency
  • 34149 2022-001
    Significant Deficiency
  • 34150 2022-002
    Significant Deficiency
  • 610584 2022-001
    Significant Deficiency
  • 610585 2022-002
    Significant Deficiency
  • 610586 2022-001
    Significant Deficiency
  • 610587 2022-002
    Significant Deficiency
  • 610588 2022-001
    Significant Deficiency
  • 610589 2022-002
    Significant Deficiency
  • 610590 2022-002
    Significant Deficiency
  • 610591 2022-001
    Significant Deficiency
  • 610592 2022-002
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
84.031 Higher Education_institutional Aid $2.86M
84.268 Federal Direct Student Loans $2.29M
84.063 Federal Pell Grant Program $2.11M
84.007 Federal Supplemental Educational Opportunity Grants $543,742
84.033 Federal Work-Study Program $147,522
84.425 Education Stabilization Fund $40,545