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            "text": "KENTUCKY STATE UNIVERSITY\nSchedule of Findings and Responses",
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            "text": "Year ended June 30, 2012"
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            "text": "Section I – Summary of Auditors' Results:"
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            "text": "Financial Statements:",
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            "text": "",
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                    "text": "The type of report issued on the financial statements: Unqualified Opinion",
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                    "text": "Internal control over financial reporting:",
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            "text": "Material weaknesses: No"
        },
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            "type": "text",
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            "text": "Significant deficiencies identified that are not considered to be material weaknesses: Yes"
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            "text": "c. Non-compliance which is material to the financial statements: No"
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            "text": "Section II – Financial Statement Findings:"
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            "text": "Finding 12-01:",
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            "text": "Condition:",
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        },
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            "id": "p53.12",
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            "text": "The year-end accounts receivable aged trial balance that was presented to us for audit purposes indicated that a large percentage of receivables were over 365 days old, and several accounts were as much as two years old. We believe that some of these accounts are not collectable at this point in time and the University should review the adequacy of the allowance during the year and appropriately adjust the allowance."
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            "text": "Effect:",
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            "level": 3
        },
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            "id": "p53.14",
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            "text": "The University posted an adjusting journal entry to increase the allowance for doubtful accounts after year end. Not having accurate transactions posted in a timely manner can affect the financial statement information that is available for making informed business decisions and supervision of operations. This weakness in accounting infrastructure increases the risk of errors in the financial records and is less likely to detect irregularities, including fraud, on a timely basis. Increased management effort in this area can result in a reduction in the number and amount of delinquent and potentially worthless receivables. The positive results from this process may include significantly improved cash flow and profitability and should minimize the need for a year-end adjustment of this account."
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            "text": "Recommendation:",
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            "bbox": {
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            "text": "The following formal collection procedures should be established:"
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            "bbox": {
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            "text": "The continuous review of accounts receivable for old and slow-paying accounts."
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            "text": "- A formal periodic review of the account receivable aged trial balance."
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            "text": "51",
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