Audit Area: Cash Management
Audit IssueThere were 6 of 18 instances in which cash and check receipts were not deposited in the bank in a timely manner. The number of days between the transaction date and the date the receipts were deposited in the bank ranged from two to six days.
Audit RecommendationAll cash, check and credit card receipts should be deposited in the bank daily in accordance with Bursar Office policy. This would help safeguard the funds and accurately reflect the information within the Banner system.
Management's ResponseManagement concurred with and planned to implement the audit recommendation noted. In addition, management stated the following: “The Bursar Office is exploring the option of purchasing a cash recycler from Fifth Third Bank that would electronically deposit cash receipts real-time.”
Current Status (Implemented, In process, No action yet taken)In process.
Implementation DateCorrective action was to be implemented on 3/15/16.
Indicator of Implementation / ProgressA sample of ten cash and check receipts was tested to verify timeliness. There was one instance in which a cash receipt was not deposited in the bank in a timely manner. The number of days between the transaction date and the date the cash was deposited in the bank was four days.
Audit IssueThere were four instances in which checks were not posted to the Banner system in a timely manner. The number of days between the check date and the date the funds posted to the Banner system ranged from 2 to 54 days.
Audit RecommendationAll funds should be posted to the appropriate Banner system account upon receipt. It is imperative that Bursar Office staff provide regular review of individual transactions for appropriateness and completeness. Ultimately, this will help ensure the reliability of information for management analysis.
Management's ResponseManagement concurred with and planned to implement the audit recommendation noted. In addition, management stated the following: “The Bursar Office will update policies and procedures to reflect that any cash or check receipts brought to the Bursar Office needs to be accompanied by a transmittal form.”
Current StatusIn process.
Implementation DateCorrective action was to be implemented on 3/15/16.
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