Finding Text
Federal Agency: U.S. Department of Education
Federal Program Name: Student Financial Assistance Cluster
Assistance Listing Number: 84.007, 84.033, 84.038, 84.063, 84.268
Federal Award Identification Number and Year: P007A224513-2023; P033A224513-2023; P268K232439-2023;
P063P222439-2023; P379T232439-2023
Award Period: March 25, 2022 to August 31, 2028 (84.077, 84.033, 84.063)
January 1, 2022 to July 29, 2044 (84.268)
January 1, 2022 to September 30, 2043 (84.379)
Type of Finding:
Significant Deficiency in Internal Control over Compliance
Criteria or specific requirement: It is the University’s responsibility to establish and maintain systems of internal
control over compliance that includes proper segregation of duties.
Condition: The University does not have a formal process to document the review and approval of the cash
management process using the G-5 system.
Questioned costs: None
Context: During the fiscal year ended June 30, 2023, the University did not have a formal process to document
the review and approval of the cash management process using the G-5 system.
Cause: Due to turnover in key positions at the University, there was a period of time during the fiscal year ended
June 30, 2023 where there was not a formal process to document the review and approval of the cash
management process using the G-5 system.
Effect: There is a risk that an error or omission could occur from the lack of review over the cash management
process.
Repeat Finding: No
Recommendation: We recommend that the University work to formally document the policy establishing systems
of internal control over compliance that includes proper segregation of duties.
Views of responsible officials: There is no disagreement with the audit finding.