Audit Area: Cash Management
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 / ProgressA sample of five Employee Tuition Waiver Forms was tested to verify they were processed in a timely manner. Four out of the five forms were not processed in the Banner system in a timely manner. The number of days between the date the form was signed by the appropriate Cabinet official and the date the tuition waiver posted to students’ accounts ranged from 17 to 38 days.
Audit IssueFor both of the monthly reconciliations reviewed, a cumulative difference of $5,510 was identified. The transactions in question dated back to September 2014. Although the Accounting Department was in the process of researching, there was no documented evidence the differences had been resolved at the time of the review. The lack of a documented resolution increases the risk that systemic issues, fraud, or errors may not be detected and as a result would not be prevented in the future.
Audit RecommendationThe reconciliation of student payments and departmental deposits received during the month, the related Banner system account, and the related bank account should be performed at least monthly to detect unauthorized activity, unexpected payments, and other discrepancies. Any differences identified should be researched and resolved in a timely manner. The reconciliation should be subject to a formal review, evidenced by way of the reviewer’s signature and the date of review.
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 3/8/16.
Indicator of Implementation / ProgressA sample of two monthly reconciliations was reviewed to verify accuracy and completeness. For both reconciliations reviewed, a cumulative difference of $7,619 was identified. The transactions which need to be researched and resolved dated back to October 2014. Although the reconciliations were reviewed and approved by management, there was no documented evidence the differences had been resolved at the time of the review.

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