{
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            "type": "title",
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            "text": "KENTUCKY STATE UNIVERSITY\nSCHEDULE OF FINDINGS AND QUESTIONED COSTS (CONTINUED)\nYEAR ENDED JUNE 30, 2024",
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            "text": "Section II – Financial Statement Findings",
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            "text": "2024 – 001 – Financial Reporting",
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            "text": "Type of Finding:",
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            "bbox": {
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            "text": "Material Weakness in Internal Control over Financial Reporting"
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        {
            "id": "p101.6",
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            "bbox": {
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            "text": "Condition: The financial statement audit was delayed as the University did not timely close its books and records for the fiscal year 2024."
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            "text": "Criteria or specific requirement: Internal controls are critical to ensure accurate and timely financial reporting. These would include, but not limited to, a closing policy that ensures all significant accounts are reconciled and adjusted on a timely basis."
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        {
            "id": "p101.8",
            "order": 8,
            "type": "text",
            "bbox": {
                "l": 51.36,
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            "text": "Effect: The year end audit was not completed on a timely basis and deadlines related to continuing disclosure requirements were not met."
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            "text": "Cause: There are no formal policies and procedures to ensure timely fiscal year end close process."
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            "text": "Repeat Finding: Yes, 2023-001."
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            "text": "Recommendation: We recommend management perform assessment of the current controls, processes and personnel within the accounting department and make changes and additions where needed to facilitate timely and accurate financial reporting."
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            "text": "Views of responsible officials and planned corrective actions: There is no disagreement with the audit finding."
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            "id": "p101.13",
            "order": 13,
            "type": "text",
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            "text": "2024 – 002 – Account Reconciliations and Documented Processes"
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            "text": "Type of Finding:",
            "level": 3
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            "id": "p101.15",
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            "bbox": {
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            "text": "Material Weakness in Internal Control over Financial Reporting"
        },
        {
            "id": "p101.16",
            "order": 16,
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            "bbox": {
                "l": 51.36,
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            "text": "Condition: The University does not have a policy that requires that a close of financial records be completed monthly or quarterly during a fiscal year. The University does not have a comprehensive business procedures manual documenting the processes and controls for all significant financial cycles."
        },
        {
            "id": "p101.17",
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            "type": "text",
            "bbox": {
                "l": 51.6,
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            "text": "Criteria or specific requirement: Internal controls are critical to ensure accurate financial reporting. These would include, but not limited to, reconciling statement of net position accounts monthly, a formal process of procedures and internal controls to ensure timely and accurate year-end financial statements and related notes and providing supporting audit documentation that reconciles to the trial balance under audit on a timely basis."
        },
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            "id": "p101.18",
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            "text": "(102)",
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