Cognizant Agency: Department of Health and Human Services

Kentucky State University respectfully submits the following summary schedule of prior audit findings for the year ended June 30, 2024.

The findings from the prior audit's schedule of findings and questioned costs are discussed below. The findings are numbered consistently with the numbers assigned in the prior year.

Condition: During fiscal year 2023, the University did not have in place the processes and controls that would ensure the preparation of external year-end financial statements and related note disclosures in accordance with accounting principles generally accepted in the United States of America.

Status: See current year findings 2024-001 and 2024-002.

Reason for finding's recurrence: Turnover in the finance area, along with inherited challenges in processes, controls, accounting, and documentation, resulted in delays in the completion of audits as well as a recurring finding.

Corrective Action: See the University's 2024 Corrective Action Plan.

Condition: The University did not reconcile the bank statements to the general ledger in a timely manner.

Status: See current year finding 2024-003.

Reason for finding's recurrence: Turnover in the finance area, along with inherited challenges in processes, controls, accounting, and documentation, resulted in delays in the completion of audits as well as a recurring finding.

Corrective Action: See the University's 2024 Corrective Action Plan.