OFFICE OF INTERNAL AUDIT KENTUCKY STATE UNIVERSITY
RAYMOND M. BURSE PRESIDENT
INGRAM QUICK, INTERNAL AUDITOR
KAREN BEARDEN BOARD OF REGENTS CHAIR
Transmittal Letter
January 4, 2016
Raymond M. Burse President Kentucky State University Hume Hall Frankfort, KY 40601
Subject: Audit of the Finance and Business Affairs Bursar Office
Introduction
An audit of the Finance and Business Affairs' Bursar Office was performed. The operating policies, procedures and records specific to the Bursar Office student billing and collections were reviewed. The primary focus was the operational and fiscal administration of student billing and collection activity. This includes how activity is processed, recorded, and monitored. The objective was to obtain assurance that potential risks are adequately mitigated through internal controls in the process.
The audit was conducted in accordance with the International Standards for the Professional Practice of Internal Auditing issued by the Institute of Internal Auditors.
As a part of the audit, the internal control structure was evaluated. The objective of internal control is to provide reasonable, but not absolute, assurance regarding the achievement of objectives in the following categories:
Achievement of business objectives and goals
Effectiveness and efficiency of operations
Reliability of information reported
Compliance with applicable laws and regulations
Safeguarding of assets
Finance and Business Affairs Bursar Office Review January 2016
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