Views of responsible officials and planned corrective actions: There is no disagreement with the audit finding.
Type of Finding:
Condition: Management did not record adjustments to agree pension and other postretirement employee benefit (OPEB) related accounts related to multi-employer plans to the supporting audited schedules detailing balances per employer.
Criteria or specific requirement: Internal controls are critical to ensure accurate financial reporting. These would include, but not limited to, reconciling statement of net position accounts monthly, a formal process of procedures and internal controls to ensure timely and accurate year-end financial statements and related notes and providing supporting audit documentation that reconciles to the trial balance under audit on a timely basis.
Effect: Material audit adjustments were required to pension and OPEB related accounts.
Cause: No formal processes or procedures regarding the proper adjustment to pension and OPEB related accounts.
Recommendation: We recommend that the University develop policies and procedures to appropriately reconcile and adjust these accounts as part of the year-end financial close.
Views of responsible officials and planned corrective actions: There is no disagreement with the audit finding.
Type of Finding:
Condition: The SEFA provided for audit contained material errors in the amounts reported as federal awards.
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