Condition and context: During fiscal year 2021, the University did not have in place the processes and controls that would assure 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.
Recommendation: We recommend management review, and if practical, enhance the external financial reporting procedures and controls in place to address the preparation and review of external year-end financial statements.
Status: Unresolved. Due to the timing of issuance of the audit report for the year ended June 30, 2021, the University was unable to address this finding during the fiscal year ended June 30, 2022. See finding 2022-001.
135.