FAC Explorer

Finding 392801 (2023-001)

Significant Deficiency Repeat Finding
Requirement
C
Questioned Costs
-
Year
2023
Accepted
2024-04-10
Audit: 303126
Organization: Lake Superior State University (MI)
Auditor: Andrews Hooper Pavlik

AI Summary

  • Issue: Bank reconciliations were not completed on time, with records only up to October 2022.
  • Impact: Delays and lack of independent approval raise the risk of undetected accounting errors.
  • Follow-up: The University should keep monitoring the reconciliation process to ensure timely completion and approval each month.

Finding Text

2023-1 - Timely Bank Reconciliations Criteria: Best practices under a system of internal control require timely bank and investment account reconciliations and independent approval. Condition: As of June 30, 2023, the University had only completed bank reconciliations through October 2022. Questioned Costs: None. Effect: Delayed reconciliations and lack of independent approval can increase the risk that potential accounting errors, should they occur, might not be detected and corrected on a timely basis. Cause: Changes in the assignment of accounting functions and staffing realignments, partially due to staff turnover and increased workloads, created a condition where certain accounting functions were not performed timely. Recommendation: The University should continue to monitor the progress of the reconciliations process to ensure all cash and investment accounts are reconciled and independently approved in a timely manner each month. Management’s Response: The University has corrected this condition with the outcome that bank and investment reconciliation as of June 30, 2023, are now current, and has implemented procedures to ensure timeliness in fiscal year 2024. Section III – Federal Award Findings and Questioned Costs No matters were reported.

Categories

Matching / Level of Effort / Earmarking Internal Control / Segregation of Duties

Other Findings in this Audit

  • 392771 2023-001
    Significant Deficiency Repeat
  • 392772 2023-001
    Significant Deficiency Repeat
  • 392773 2023-001
    Significant Deficiency Repeat
  • 392774 2023-001
    Significant Deficiency Repeat
  • 392775 2023-001
    Significant Deficiency Repeat
  • 392776 2023-001
    Significant Deficiency Repeat
  • 392777 2023-001
    Significant Deficiency Repeat
  • 392778 2023-001
    Significant Deficiency Repeat
  • 392779 2023-001
    Significant Deficiency Repeat
  • 392780 2023-001
    Significant Deficiency Repeat
  • 392781 2023-001
    Significant Deficiency Repeat
  • 392782 2023-001
    Significant Deficiency Repeat
  • 392783 2023-001
    Significant Deficiency Repeat
  • 392784 2023-001
    Significant Deficiency Repeat
  • 392785 2023-001
    Significant Deficiency Repeat
  • 392786 2023-001
    Significant Deficiency Repeat
  • 392787 2023-001
    Significant Deficiency Repeat
  • 392788 2023-001
    Significant Deficiency Repeat
  • 392789 2023-001
    Significant Deficiency Repeat
  • 392790 2023-001
    Significant Deficiency Repeat
  • 392791 2023-001
    Significant Deficiency Repeat
  • 392792 2023-001
    Significant Deficiency Repeat
  • 392793 2023-001
    Significant Deficiency Repeat
  • 392794 2023-001
    Significant Deficiency Repeat
  • 392795 2023-001
    Significant Deficiency Repeat
  • 392796 2023-001
    Significant Deficiency Repeat
  • 392797 2023-001
    Significant Deficiency Repeat
  • 392798 2023-001
    Significant Deficiency Repeat
  • 392799 2023-001
    Significant Deficiency Repeat
  • 392800 2023-001
    Significant Deficiency Repeat
  • 392802 2023-001
    Significant Deficiency Repeat
  • 392803 2023-001
    Significant Deficiency Repeat
  • 392804 2023-001
    Significant Deficiency Repeat
  • 392805 2023-001
    Significant Deficiency Repeat
  • 392806 2023-001
    Significant Deficiency Repeat
  • 392807 2023-001
    Significant Deficiency Repeat
  • 392808 2023-001
    Significant Deficiency Repeat
  • 392809 2023-001
    Significant Deficiency Repeat
  • 969213 2023-001
    Significant Deficiency Repeat
  • 969214 2023-001
    Significant Deficiency Repeat
  • 969215 2023-001
    Significant Deficiency Repeat
  • 969216 2023-001
    Significant Deficiency Repeat
  • 969217 2023-001
    Significant Deficiency Repeat
  • 969218 2023-001
    Significant Deficiency Repeat
  • 969219 2023-001
    Significant Deficiency Repeat
  • 969220 2023-001
    Significant Deficiency Repeat
  • 969221 2023-001
    Significant Deficiency Repeat
  • 969222 2023-001
    Significant Deficiency Repeat
  • 969223 2023-001
    Significant Deficiency Repeat
  • 969224 2023-001
    Significant Deficiency Repeat
  • 969225 2023-001
    Significant Deficiency Repeat
  • 969226 2023-001
    Significant Deficiency Repeat
  • 969227 2023-001
    Significant Deficiency Repeat
  • 969228 2023-001
    Significant Deficiency Repeat
  • 969229 2023-001
    Significant Deficiency Repeat
  • 969230 2023-001
    Significant Deficiency Repeat
  • 969231 2023-001
    Significant Deficiency Repeat
  • 969232 2023-001
    Significant Deficiency Repeat
  • 969233 2023-001
    Significant Deficiency Repeat
  • 969234 2023-001
    Significant Deficiency Repeat
  • 969235 2023-001
    Significant Deficiency Repeat
  • 969236 2023-001
    Significant Deficiency Repeat
  • 969237 2023-001
    Significant Deficiency Repeat
  • 969238 2023-001
    Significant Deficiency Repeat
  • 969239 2023-001
    Significant Deficiency Repeat
  • 969240 2023-001
    Significant Deficiency Repeat
  • 969241 2023-001
    Significant Deficiency Repeat
  • 969242 2023-001
    Significant Deficiency Repeat
  • 969243 2023-001
    Significant Deficiency Repeat
  • 969244 2023-001
    Significant Deficiency Repeat
  • 969245 2023-001
    Significant Deficiency Repeat
  • 969246 2023-001
    Significant Deficiency Repeat
  • 969247 2023-001
    Significant Deficiency Repeat
  • 969248 2023-001
    Significant Deficiency Repeat
  • 969249 2023-001
    Significant Deficiency Repeat
  • 969250 2023-001
    Significant Deficiency Repeat
  • 969251 2023-001
    Significant Deficiency Repeat

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $6.01M
84.063 Federal Pell Grant Program $2.36M
93.364 Nursing Student Loans $1.01M
21.019 Coronavirus Relief Fund $985,297
84.038 Federal Perkins Loan $791,012
84.031 Higher Education_institutional Aid $355,396
84.033 Federal Work-Study Program $272,590
84.048 Career and Technical Education -- Basic Grants to States $143,827
84.007 Federal Supplemental Educational Opportunity Grants $83,071
10.855 Distance Learning and Telemedicine Loans and Grants $65,571
66.469 Great Lakes Program $46,073
15.608 Fish and Wildlife Management Assistance $40,378
15.808 U.s. Geological Survey_ Research and Data Collection $29,510
15.662 Great Lakes Restoration $25,443
12.300 Basic and Applied Scientific Research $25,231
84.334 Gaining Early Awareness and Readiness for Undergraduate Programs $14,589
84.379 Teacher Education Assistance for College and Higher Education Grants (teach Grants) $11,316
59.075 Shuttered Venue Operators Grant Program $9,739
10.200 Grants for Agricultural Research, Special Research Grants $7,033
47.083 Integrative Activities $6,644
15.635 Neotropical Migratory Bird Conservation $5,257
15.630 Coastal Program $2,813
84.425 Education Stabilization Fund $301
11.429 Marine Sanctuary Program $34