{
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            "text": "KENTUCKY STATE UNIVERSITY\nSCHEDULE OF FINDINGS AND QUESTIONED COSTS\n(Continued)\nJune 30, 2021",
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            "text": "2021-002 Finding: Bank Reconciliations",
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            "text": "Criteria or specific requirement: Management is responsible for establishing and maintaining effective internal controls for the safeguarding of financial assets. Effective internal controls are an important component of a system that helps mitigate risk of misappropriation."
        },
        {
            "id": "p93.4",
            "order": 4,
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            "text": "Condition and context: During fiscal year 2021, the University did not reconcile the bank statements to the general ledger."
        },
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            "text": "Cause: The University experienced a high degree of staffing turnover during fiscal year 2021, resulting in the delay or omission of necessary financial and accounting controls and procedures."
        },
        {
            "id": "p93.6",
            "order": 6,
            "type": "text",
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            "text": "Effect: Without accurate and timely reconciliations of bank statements to the general ledger, the University is not able to promptly detect misappropriation or error in cash accounts, which substantially increases risk of loss."
        },
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            "text": "Recommendation: We recommend that the University reconcile all bank statement activity to the accounting ledger on a monthly basis and that those reconciliations be reviewed and approved by an appropriate level of management in a timely manner."
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            "text": "Views of responsible officials and planned corrective actions: The University concurs with the above finding. Since this is an integral part of the month-end closing process and will remain so, the accountant completes the bank reconciliation. Subsequently, it undergoes review by the Senior Accountant and receives approval from the Controller."
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            "text": "89.",
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