Finding 502026 (2023-002)

Significant Deficiency

Requirement

Questioned Costs

Year

2023

Accepted

2024-10-08

Audit: 324217

Organization: Rust College, INC (MS)

Auditor: Booker T Camper JR CPA

AI Summary

Answer: The new module for the accounting records system is not fully integrated, leading to discrepancies in financial reporting.
Trend: Ongoing issues with data accuracy have been noted, which may affect compliance and decision-making.
List: Recommend a thorough review of the module's integration, staff training on its use, and regular audits to ensure data integrity.

Finding Text

Accounting Records System - Additional Module

Corrective Action Plan

Rust College is implementing a new Project Accounting Module of Colleague Software which will be to capture and track expenditures from the inception of the grant period until the end date, including award numbers and other relevant information. In addition, the Finance and Business Office is developing a plan to convert the critical grant information from the old system to the new system.

Other Findings in this Audit

502025 2023-001

Significant Deficiency Repeat
1078467 2023-001

Significant Deficiency Repeat
1078468 2023-002

Significant Deficiency

Programs in Audit

ALN	Program Name	Expenditures
84.425	Education Stabilization Fund	$2.18M
84.063	Federal Pell Grant Program	$2.06M
84.268	Federal Direct Student Loans	$1.96M
84.031	Higher Education_institutional Aid	$1.90M
84.007	Federal Supplemental Educational Opportunity Grants	$521,881
84.047	Trio_upward Bound	$298,281
84.033	Federal Work-Study Program	$271,781