Financial Audit for year ended June 30, 2016
Work has been ongoing since early spring when interim testing was being conducted onsite at KSU. The auditors continued their field work starting in early August and additional requests have been made for the audit in the last three months. The gathering of required information is time consuming and a learning process for most all accounting staff as everyone is new to this process. Staff have worked together both financial statement documents as well as the Single Audit required documentation.
Follow-up on prior year findings are as follows:
Adequate controls over financial reporting and the reconciliation of subsidiary ledgers.
KSU update: improvements are being made in this area as we work to get accounts reconciled in a timelier manner. Once the new staff are hired and properly trained additional reconciliations will occur to resolve any known differences.
Proper withdrawal date being used for the return of Title IV funds.
KSU update: A revised Withdrawal Form was created and new reports were being implemented.
Finding 2015-3: Student Support Services did not serve the required number of students
KSU update: final determination has been provided by the USDOE and TRIO program funds will have to be repaid back due to not serving the required number of students. A reimbursement of $28,644 is being made for the previous program year.
Entrance counseling for students eligible for Perkins loans had not been properly documented.
KSU update: Policies and procedures are being reviewed to ensure that proper signatures are obtained for the entrance counseling.
USDA findings included in the financial audit:
KSU update: Additional information has been provided to the USDA and KSU is waiting the final determination from USDA at this time.
Grant Accounting area activities:
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