FYE 6.30.24: Audit Preparation Update – Protiviti
FY24 CLA Requests and Accounting Support Status:
Of the current number of CLA audit requests, 61% have been provided. We expected this number to increase as CLA begins their audit work.
62% of the accounting support items are in progress or complete.
These are not direct requests from the Auditor but are necessary steps to finalize the Trial Balance.
Not StartedIn ProgressIn ReviewProvidedTotal
Auditor Requests3023386142
Accounting Support292516777
Total59481993219
Additional Activities to Streamline Audit
Pre-review significant balances and areas heavily focused on in the prior year audit
- Calculate adjustments where necessary
Refine supporting documentation
Liaise with the audit team and KSU stakeholders, coordinating follow ups and providing required responses
Challenges
• Continued turnover of University staff and loss of institutional knowledge
Expanded scope into accounts not previously reviewed or reconciled
KSU accounting teams have simultaneous competing priorities
Inconsistent historical bookkeeping and support maintenance