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 summary schedule of prior audit findings for the year ended June 30, 2023.
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 2022, 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 finding 2023-001.
Reason for finding's recurrence: Turnover in the finance area, along with inherited challenges in processes, controls, accounting, and documentation, resulted in a recurring finding.
Corrective Action: See the University's 2023 Corrective Action Plan.
2022 – 002 Bank Reconciliations
Condition: During fiscal year 2022, the University did not reconcile the bank statements to the general ledger.
Status: See current year finding 2023-002.
Reason for finding's recurrence: Turnover in the finance area, along with inherited challenges in processes, controls, accounting, and documentation, resulted in a recurring finding.
Corrective Action: See the University's 2023 Corrective Action Plan.
Condition: During the audit of fiscal year 2022 financial statements, it was noted that the Business Office Policies and Procedures Manual had not been updated since 2010. As some procedures were no longer relevant to financial operations, certain University departments were using self-created policy and procedure drafts that had not been formally approved by management.
Status: Corrective action taken.
Onward. Upward. Forward.