Engaged a consulting firm to support the University in preparing for the 2021 and 2022 audits
Identified and finalizing supporting documentation for management finding and audit adjusting entries related to FY 2020 year-end
Compared Banner detail trial balance to audited financial statements for FY 2020 to identify beginning balance variances to be reviewed
Mapped accounts and roll-up between FY 2020 detailed trial balance and financial statements
Completed initial review of the 158 external auditor's FY 2021 request list items and updating supporting documentation for submission/resubmission:
78% ready for external audit review
22% in revision
Challenges
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
KSU accounting teams have simultaneous competing priorities (i.e., APA requests, day-to-day accounting, annual audits)
Inconsistent historical bookkeeping and support maintenance has increased efforts to prepare or update supporting documentation for audit requests
Formal account mapping between the Banner system and Argos reporting tool has not been documented, increasing efforts in preparing trial balances and financial statements
Next Steps
Finalize support for FY 2020 audit adjustments for interim Controller review and approval
Refresh the FY 2021 trial balance and review for any additional variances which may require further effort to address
Test account mapping between detailed trial balance to financial statements with refreshed FY 2021 trial balances to identify any mapping adjustments required
Continue to update and develop supporting documentation for FY 2021 audit request items
Targeting completion around end of July 2022
KENTUCKY STATE UNIVERSITY
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