FAC Explorer

Finding 372196 (2018-003)

Material Weakness
Requirement
C
Questioned Costs
-
Year
2018
Accepted
2024-03-05
Audit: 293517
Organization: American Society for Engineering Education (DC)
Auditor: Rln US LLP

AI Summary

  • Issue: The Society lacks a proper process for reconciling cash balances and reviewing these reconciliations, leading to unresolved discrepancies.
  • Trend: There are recurring delays in billing expenses related to federal grants, which could affect funding and compliance.
  • Recommendation: Implement a structured cash reconciliation process and ensure timely billing for grant-related expenses to improve financial oversight.

Finding Text

The Society does not have an adequate process to reconcile its cash balances, perform a review of the cash reconciliation, and address unreconciled items. Further, during our audit we noted that, on certain occassions, billing for expeneses related to federal grants was not carried out in a timely manner

Corrective Action Plan

The ASEE accounting team has generated policies and procedures to ensure that all the balance sheet accounts are fully reconciled monthly, and one of the main reconciliations is the cash accounts. Part of the CFO and Controller’s duty is to ensure cash is fully reconciled monthly and there are no variances or discrepancies on the cash. In addition, the CFO and Controller review the reconciliation to ensure that all the workpapers and reconciliations are appropriate and there are no discrepancies with cash

Categories

No categories assigned yet.

Other Findings in this Audit

  • 372197 2018-005
    Material Weakness
  • 372198 2018-004
    Significant Deficiency
  • 372199 2018-003
    Material Weakness
  • 372200 2018-005
    Material Weakness
  • 372201 2018-003
    Material Weakness
  • 372202 2018-005
    Material Weakness
  • 372203 2018-003
    Material Weakness
  • 372204 2018-005
    Material Weakness
  • 372205 2018-006
    Material Weakness
  • 372206 2018-003
    Material Weakness
  • 372207 2018-005
    Material Weakness
  • 372208 2018-003
    Material Weakness
  • 372209 2018-005
    Material Weakness
  • 948638 2018-003
    Material Weakness
  • 948639 2018-005
    Material Weakness
  • 948640 2018-004
    Significant Deficiency
  • 948641 2018-003
    Material Weakness
  • 948642 2018-005
    Material Weakness
  • 948643 2018-003
    Material Weakness
  • 948644 2018-005
    Material Weakness
  • 948645 2018-003
    Material Weakness
  • 948646 2018-005
    Material Weakness
  • 948647 2018-006
    Material Weakness
  • 948648 2018-003
    Material Weakness
  • 948649 2018-005
    Material Weakness
  • 948650 2018-003
    Material Weakness
  • 948651 2018-005
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
12.800 Air Force Defense Research Sciences Program $19.56M
12.300 Basic and Applied Research Program $10.66M
12.631 Educational Program: Science, Mathematics and Research for Transformation (smart) $7.91M
47.076 Science, Technology, Engineering and Mathematics (stem) Education (formerly Education and Human Resources) $2.60M
47.041 Engineering Grants $2.05M
47.050 Geosciences $18,358