Finding 2016-001, continued:
June 30, 2016
Management response:
Management concurs. The University has begun revising procedures related to general ledger accounts. Procedures requiring monthly reconciliation of all general ledger accounts cash accounts will be implemented. Procedures requiring all other general ledger accounts to be reconciled at least quarterly will be implemented. Reconciliations for each month and quarter will be reviewed by department management as part of the financial statement development process. The University's internal auditor will test compliance at least twice during each fiscal year.