September 28, 2022
| Achievements and Current Progress | Challenges | Next Steps |
|---|---|---|
| Comparing Banner detail trial balances to confirm balances rollforward from FY 2021 to FY 2022 accurately | Similar to the challenges for the FY 2021 audit, limited institutional knowledge regarding prior year activities due to turnover in grant accounting and general accounting teams, resulting in staffing gaps and leading to increased efforts in identifying supporting documentation | Review the FY 2022 trial balance to ensure all adjustments are posted correctly |
| Updating mapping of accounts and roll-up for FY 2022 detailed trial balance to financials to identify any new accounts requiring mapping | KSU accounting teams continue to have simultaneous competing priorities (i.e., APA requests, day-to-day accounting, annual audits) | Update mapped financials with refreshed FY 2022 trial balances and resolve any mapping adjustments required |
| Performing a detailed reconciliation of FY 2022 cash transactions in efforts to resolve any reconciling and unreconciling items | Formal account mapping between the Banner system and Argos reporting tool has not been documented, increasing efforts in preparing trial balances and financial statements | Continue to work on supporting documentation for FY 2022 |
| Performing Q4 FY 2022 detailed reconciliations for 160 grants | Some updates to FY 2022 starting balances may need to be revised once external audit concludes FY 2021 procedures (timing TBD) | Target set towards the end of November |
| Reconciling incurred expenditures against related budget accounts and accounts receivable per Banner | ||
| This will provide the basis for determining the reimbursable expense on each grant | Similarly, some FY 2022 documentation / support may require revision once the FY 2021 audit is concluded | |
| Reviewing FY 2022 documentation and support using external audit's FY 2021 request list as presumed basis for FY 2022 requests | Similarly, some FY 2022 documentation / support may require revision once the FY 2021 audit is concluded | |
| Expected number of FY 2022 items to be greater than 158 as the FY 2022 request list is likely to be delivered to KSU after FY 2021 external audit procedures are underway or complete. | KENTUCKY STATUNIVERSITY KYSU.EDU | |