Identified and updating supporting documentation for management finding audit adjusting entries related to FY 2020 year-end audit
Compared Banner detail trial balance to audited financial statements FY 2020 to identify beginning balance variances to be investigated
Finalizing account mapping and roll-up between detailed trial balance and financial statements
Completed initial review of the 158 external auditor's FY 2021 request items: 60% ready for Crowe's review, 13% in revision, 27% requires revision
Challenges
Limited knowledge on 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
The KSU accounting teams are simultaneously working on other competing priorities (i.e., APA request)
Lack of consistent historical bookkeeping and support maintenance, increasing efforts in preparing/updating supporting documentation for audit requests
Lack of documentation on account mapping between the Banner system and Argos reporting tool, increasing efforts in preparing trial balances and financial statements
Next Steps
Finalize support for FY 2020 audit adjustments for interim Controller review
Refresh the FY 2021 trial balance and review for any additional variances and investigate remaining differences
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/develop supporting documentation for FY 2021 audit request items, target completion date of 7/15/2022
KENTUCKY STATE UNIVERSITY
ONWARD.UPWARD.#KSUFORWARD
Gerald D. Shields, Ph.D.
Vice President of Finance & Administration/CFO
Finance and Administration | Kentucky State University
400 E. Main Street | Frankfort, KY 40601
Academic Services Building, Rm. 201
Office: (502) 597-5075 | Fax: (502) 597-6594
Onward, Upward
KENTUCKY STATE UNIVERSITY
IN ALL THINGS EXCELLENCE