Finance & Administration Academic Services Building | 400 East Main Street Frankfort, KY 40601 | (502) 597-6343 KYSU.EDU
Cognizant Agency: Department of Health and Human Services
Kentucky State University respectfully submits the following corrective action plan for the year ended June 30, 2024. The findings from the schedule of findings and questioned costs are discussed below. The findings are numbered consistently with the numbers assigned in the schedule.
FINDINGS—FINANCIAL STATEMENT AUDIT MATERIAL WEAKNESSES
2024-001 Financial Reporting
Recommendation: We recommend management perform assessment of the current controls, processes and personnel within the accounting department and make changes and additions where needed to facilitate timely and accurate financial reporting.
Explanation of disagreement with audit finding: There is no disagreement with the audit finding.
Action taken in response to finding: The University developed and is now following a month-end close process. The University has also developed a fiscal year-end close process. This process includes a fiscal year-end close calendar for accounting and audit as well as a closing calendar for employees throughout the university who provide information and transactions that pertain to closing.
Name(s) of the contact person(s) responsible for corrective action: Melissa Hicks, Controller Planned completion date for corrective action plan: Complete
2024-002 Account Reconciliations and Documented Processes
Recommendation: We recommend management implement a monthly or quarterly close policy that identifies the accounts that are to be reconciled and adjusted during this process and finalize a business procedures manual.
Explanation of disagreement with audit finding: There is no disagreement with the audit finding. Action taken in response to finding: The University developed and is now following a month-end close process. The University continues to implement additional procedures to improve the accuracy of financial information, including identifying accounts that are to be reconciled monthly and finalizing a business procedures manual. The University has also taken steps to recruit and hire capable individuals to fill open positions.
Name(s) of the contact person(s) responsible for corrective action: Melissa Hicks, Controller Planned completion date for corrective action plan: June 30, 2026
Onward. Upward. Forward.