{
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            "text": "KENTUCKY STATE UNIVERSITY\nSCHEDULE OF FINDINGS AND QUESTIONED COSTS (CONTINUED)\nYEAR ENDED JUNE 30, 2023",
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            "text": "Section II – Financial Statement Findings"
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            "text": "2023 – 001 – Financial Reporting",
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            "text": "Type of Finding:",
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            "text": "Material Weakness in Internal Control over Financial Reporting"
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        {
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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 2023."
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        {
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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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            "text": "Effect: The potential effects of the above matters are that interim and year end information may contain errors that may not be detected and corrected on a timely basis. As a result, users of the financial statements could make decisions based on financial results that are not complete and accurate. The University was not in compliance with its continuing disclosure agreements and 40 journal entries were required to be made to the trial balance after the start of the audit."
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            "text": "Cause: Various statements of net position accounts are not reconciled throughout the course of the fiscal year. There are no formal policies and procedures to ensure timely fiscal year end close process. This caused various reconciliation issues in completing a draft of the University's financial statements and a reconciliation of the related trial balance under audit."
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            "text": "Repeat Finding: Yes, 2022-001."
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            "text": "Recommendation: We recommend management perform an 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. Further we recommend management complete a formal close process documenting tasks and completion dates."
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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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            "text": "2023 – 002 – Bank Reconciliations",
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            "type": "heading",
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            "text": "Type of Finding:",
            "level": 3
        },
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            "id": "p105.15",
            "order": 15,
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            "text": "Material Weakness in Internal Control over Financial Reporting"
        },
        {
            "id": "p105.16",
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            "bbox": {
                "l": 51.6,
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            "text": "Condition: The University uses accounts in the general ledger to allocate cash for internal tracking purposes. These accounts were not all considered when reconciling the year end cash balances. As a result, material adjustments were required. There remains an unreconciled difference of approximately $86,000."
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            "text": "(101)",
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