FAC Explorer

Finding 508199 (2020-003)

Material Weakness Repeat Finding
Requirement
C
Questioned Costs
-
Year
2020
Accepted
2024-11-18
Audit: 328654
Organization: American Society for Engineering Education (DC)
Auditor: Rln US LLP

AI Summary

  • Answer: There were delays in billing for expenses related to federal grants.
  • Trend: The time between completing services and requesting reimbursement was longer than expected.
  • List: Follow up on improving billing processes to ensure timely reimbursements.

Finding Text

During our audit we noted that there were instances where billing for expenses associated with federal grants was not carried out in a timely manner. This delay was evidenced by the time laps between the completion of services and the request for reimbursement to agencies.

Corrective Action Plan

The ASEE accounting department has established policies and procedures to ensure that cash is fully reconciled on a monthly basis. Part of the CFO and Controller’s duty is to ensure that cash is fully reconciled monthly and there are no variances or discrepancies with cash. In addition, the CFO and Controller work together to ensure grant billing is done properly in the period the expenses are incurred.

Categories

Cash Management

Other Findings in this Audit

  • 508200 2020-004
    Significant Deficiency Repeat
  • 508201 2020-003
    Material Weakness Repeat
  • 508202 2020-004
    Significant Deficiency Repeat
  • 1084641 2020-003
    Material Weakness Repeat
  • 1084642 2020-004
    Significant Deficiency Repeat
  • 1084643 2020-003
    Material Weakness Repeat
  • 1084644 2020-004
    Significant Deficiency Repeat

Programs in Audit

ALN Program Name Expenditures
12.300 Basic and Applied Scientific Research $6.25M
47.041 Engineering $2.86M