Audit Area: Cash Management
Indicator of Implementation / ProgressA sample of 27 checks was tested to verify they were posted to the Banner system in a timely manner. There were 14 instances (52%) in which the checks did not post to the financial 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 8 to 35 days. It should be noted that the checks were posted to the financial system a day after they were received in the Bursar Office.
Audit IssueThere is no documented policy instructing departments and programs on when cash and check receipts on hand need to be taken to the Bursar Office for deposit.
Audit RecommendationA university wide policy should be established which instructs departments and programs on when cash and check receipts on hand need to be taken to the Bursar Office for deposit.
Management’s ResponseManagement concurred with and planned to implement the audit recommendation noted.
Current StatusIn process.
Implementation DateThe corrective action was to be implemented on 4/1/16.
Indicator of Implementation / ProgressFinance and Business Affairs informed Internal Audit that a Cash Handling policy is documented in the revised April 2010. Finance and Business Affairs will disseminate the policy to departmental personnel so they are aware of the policy and understand requirements.
Audit IssueThere were four instances where completed tuition waiver forms were not posted to the Banner system in a timely manner. The number of days between the date the form was signed by the appropriate Cabinet official (or designee) and the date the tuition waiver posted to the student’s account ranged from 11 to 21 days.
Audit RecommendationHuman Resources should coordinate with Financial Aid to ensure completed tuition waiver forms are applied to the eligible students’ accounts in a timely manner. During registration, appropriate Financial Aid personnel should periodically check with Human Resources to identify any approved tuition waiver forms or any forms awaiting approval.
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