[{"_1":2,"_123":-5,"_124":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,76,88,100,112],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},"mediaId",6676734,"mediaKeyId","2380666-95b923109417cebd0d7a2a4b6ecde5cf","parentId",2380666,"title","Independent auditors report clean opinions but identify material weakness, accounting adjustments and staffing delays","audioSeconds",2212,"startMs",322000,"endMs",2534000,"viewUrl","/Search/View?dp=1&key=2380666-95b923109417cebd0d7a2a4b6ecde5cf&start=322&end=2534","thumbnailUrl","https://assets.pipeline.soar.com/2380666-95b923109417cebd0d7a2a4b6ecde5cf/thumbnail_322000.jpg","articleUrl","/articles/6676734/Connecticut/Independent-auditors-report-clean-opinions-but-identify-material-weakness-accounting-adjustments-and-staffing-delays","mediaUrl","https://secure.pipeline.soar.com/6676734-107926e025b2e30e75ec5f8af1b9a8fb/orig.mp4?Expires=1773715686&Signature=Hqq7YxKG7qe6AadbteEqSMerf4h4LfE2hiZwXn84kfw1Fx14geUlx-DF7buFaXMMzlPfeod1fftX4~ZIeE6bSm21a5-BGsw~NcvkwsDWapGgRm6LgfQIAIWRVFCieYejl4wtsq~7ETc2FUkUbTkOVJk8xG79Tt25SlUqamabxJNLaXik94moa3oOvfOgUaNNuVyrUESjPIqpFl2r9WF25RY9VLMg~A6mYrh-al-DqDhDGpn3H7YOsiKPAbrprRyaocQGOKgAKUF5184vQyDAtt6fXJ053z64mkjTt3rQuq6Ayw2Ke28iMsDCPebjboEEd9pBDVGmrOGUZN~L-tOWAg__&Key-Pair-Id=KUT5TJCACFTXG","author","Connecticut State Colleges and Universities CT","date","2025-02-24T16:45:51.087Z","article","Grant Thornton told the Connecticut State Colleges and Universities Audit Committee on May 29, 2024, that it will issue unmodified (clean) opinions for the fiscal‑year audits of the system's entities but is reporting a material weakness relating to how fringe‑benefit payments and related state appropriation revenue were recorded for the state universities and Connecticut State (CT State).

The auditors said the system reversed state appropriation revenue and related fringe expense in the university and CT State financial statements after determining the prior accounting approach was not appropriate given a new state law governing fringe‑benefit allocations. Claire Esten, managing partner at Grant Thornton, said, “these are still unmodified opinions,” while explaining the firm would include an emphasis‑of‑matter paragraph to call attention to the change in accounting treatment and comparability to prior years.

Why it matters: the adjustment was large enough that, had it not been detected and corrected, the financial statements could have been materially misstated. Grant Thornton classified the issue as a material weakness in internal control over financial reporting and said the root causes included a change in law, the consolidation of the community colleges into Connecticut State Community College, and staff turnover in key accounting roles.

What auditors found and management response
Grant Thornton and system management outlined three related problems that complicated the audit work: (1) a change in state law on fringe‑benefit allocations that altered how the payments should be recorded; (2) the July 2023 merger that converted 12 community colleges into a single community college and required system reconfiguration of financial reporting; and (3) staff turnover, notably the system controller vacancy that was filled in January 2024.

Auditors identified a material audit adjustment reversing state appropriation revenue and associated fringe expense for the university and CT State financial statements; Charter Oak State College had recorded the change differently and was not adjusted. A separate, smaller misstatement related to fringe accruals for FY23 was deemed immaterial and not corrected, and was included in Grant Thornton’s management representation letter.

Grant Thornton also noted a disclosure issue involving the classification of $16,700,000 of capitalized interest in the footnotes; auditors treated that as a disclosure presentation matter rather than a required booked adjustment.

System office staff said they will take steps to reduce risk going forward, including recommending hiring two additional senior accountants to strengthen reporting capacity. Lloyd (System Office presenter) and Michael Moriarty (Charter Oak CFO) explained missing customized reports and workarounds during the ERP changes contributed to delays. Michael Mondrain, the system CIO, said an updated IT security policy will be circulated to stakeholders and that disaster‑recovery planning is on his to‑do list with a plan to report back to the audit committee at its next meeting.

Background and next steps
Grant Thornton indicated it is ready to issue the reports for the universities and Charter Oak immediately upon committee approval and expects to finish CT State’s audit procedures later in the week. Management said it will continue remediation work, publish audit schedules and internal reviews, and that regular, published internal audits and committee updates will be part of the corrective action plan.

The audit committee heard that delays in completing the audit were attributable to the combined effects of the organizational change, the new fringe allocation law, lost custom reporting during the ERP transition, and staff turnover. Committee members pressed for a clearer governance structure to prevent inconsistent accounting treatments between entities in a consolidated system.

Ending
Auditors and management said they will return with follow‑up information at the next audit committee meeting and that documented, regular internal audits and stronger controller staffing are priority remediation items.","mediaType","Video","parentTitle","BOR - Audit, Feb 24, 2025","oneSentenceSummary","Grant Thornton told the Connecticut State Colleges and Universities Audit Committee on May 29, 2024, that it will issue unmodified (clean) opinions for the fiscal‑year audits of the system's entities but is reporting a material weakness relating to how fringe‑benefit payments and related state appropriation revenue were recorded for the state universities and Connecticut State (CT State).","taxTitle","Connecticut State Colleges and Universities, Higher Education, Organizations, Executive, Connecticut","taxId",15722,"location","Connecticut","headline","","shortSummary",{"_33":77,"_35":36,"_37":38,"_39":78,"_41":79,"_43":80,"_45":81,"_47":82,"_49":83,"_51":84,"_53":85,"_55":56,"_57":58,"_59":86,"_61":62,"_63":64,"_65":87,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6676717,"Votes at a glance — CSCU Audit Committee, May 29, 2024",5383,103000,5486000,"/Search/View?dp=1&key=2380666-95b923109417cebd0d7a2a4b6ecde5cf&start=103&end=5486","https://assets.pipeline.soar.com/2380666-95b923109417cebd0d7a2a4b6ecde5cf/thumbnail_103000.jpg","/articles/6676717/Connecticut/Votes-at-a-glance-CSCU-Audit-Committee-May-29-2024","https://secure.pipeline.soar.com/6676717-5a8c711e3cfcda420791df6620aec279/orig.mp4?Expires=1773715686&Signature=aFS~Bx5l5dJU8VK5FcKrO5~Jy7QvdhtrCm03LMhf5XS5h0vdEzmgkNTtYT3zgX6ig3D4aMuMZrNAf-ckyl60imxJWxC~YLubGj9BicfRtAJu2mh~7KM1YRXoI2bP0TLMljs2CJTlA2eVlVrhXd-w8FheT1qXEtp7GyYQ094rkLRNFlkx3Elv1Wh3xWWhLVZfjAfg4t2WxEmCLeVYMe4ks1Y9KdTjXdd8hGBylXkmOXVAvoZ4okhKGJx8Vb6sMALjcGgQ9XECFhBimxp9nzdF0P61fvJiFdjdWB7516uN7OFZ7W3zR6zXkFceSXjYju6BSKmgclaUYsBRRDLlJJuMdg__&Key-Pair-Id=KUT5TJCACFTXG","The Audit Committee recorded two formal procedural votes during the May 29, 2024 meeting.

Approve minutes
Motion: Approve minutes from the committee's prior meeting (05/29/2024) — motion moved and carried.
Tally: Yes 2, No 0, Abstain 0
Note: The transcript records two members voting \"aye\" and that only two members were present for the vote; individual voter names were not specified in the roll call on the recording.

Adjournment
Motion: Adjourn meeting — motion moved and seconded.
Tally: Yes 2, No 0, Abstain 0

Ending
These were procedural votes; substantive agenda items (audits, policy presentations and reports) did not result in formal committee votes during this meeting.","The Audit Committee took routine procedural votes at the May 29, 2024 meeting: approval of the prior meeting minutes and adjournment. Recorded tallies were two ayes, no nays.",{"_33":89,"_35":36,"_37":38,"_39":90,"_41":91,"_43":92,"_45":93,"_47":94,"_49":95,"_51":96,"_53":97,"_55":56,"_57":58,"_59":98,"_61":62,"_63":64,"_65":99,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6676722,"Independent audit finds CSCU 2020 construction expenditures recorded correctly; no adjustments required",121,3906000,4027000,"/Search/View?dp=1&key=2380666-95b923109417cebd0d7a2a4b6ecde5cf&start=3906&end=4027","https://assets.pipeline.soar.com/2380666-95b923109417cebd0d7a2a4b6ecde5cf/thumbnail_3906000.jpg","/articles/6676722/Connecticut/Independent-audit-finds-CSCU-2020-construction-expenditures-recorded-correctly-no-adjustments-required","https://secure.pipeline.soar.com/6676722-e689692454b9dd32b3be512454b70230/orig.mp4?Expires=1773715686&Signature=gAlIMafFzdhqkXeeJ2FrGLX1fblr2VxGMB-h2H6zNQ5DKWz5LPFa1BBInXmAyP6MNduhKQrcLycoXIN7HGSwqUQ~JJS7vPW4Q72bE~h4cswNXUAtnNX3XjzSQ8sgpVRfAjwPZ-EI~~r0Cnxo3cW4swjsXGrhze5dtsBwcrN9B4LKJ1mt3xWEUAJaEKlzqxXiTJDp8-7fCy16YMLDIuxBb9pHkmkWZjJSdF-cWiL8iGlc5eUg7WfBEYKcLi96IWk1IfAA4bHxgUW24QhnsIb49nN3R3rFN-W2sMBjR6rula5JvuQwQADJVuiM3McCKsXTQjNOa1KneWHS-2vP2-85Vg__&Key-Pair-Id=KUT5TJCACFTXG","Whittlesey presented its audit of the CSCU 2020 construction expenditure schedule to the Audit Committee on May 29, 2024, reporting an unmodified (clean) opinion and no audit adjustments.

The schedule — presented on a cash‑basis as in prior years — showed $29,600,000 in expenditures paid in the year ended June 30, 2024, and the auditors performed ledger reconciliations and transaction sampling between the individual colleges and the system office. Whittlesey said the transition from the prior auditor (Cohen Resnick) was smooth and that no subsequent events required adjustment through the report date.

Ending
Whittlesey said it is ready to issue the report upon receipt of the management representation letter and that the notes and disclosures did not materially change from prior years.","Whittlesey, the independent auditor, reported an unmodified opinion on the CSCU 2020 construction expenditure schedule for the year ended June 30, 2024, finding no audit adjustments and confirming the cash‑basis presentation and disclosures were consistent with prior years.",{"_33":101,"_35":36,"_37":38,"_39":102,"_41":103,"_43":104,"_45":105,"_47":106,"_49":107,"_51":108,"_53":109,"_55":56,"_57":58,"_59":110,"_61":62,"_63":64,"_65":111,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6676725,"CT State introduces inaugural compliance officer and flags data‑privacy, outdated policies and minors on campus",163,2555000,2718000,"/Search/View?dp=1&key=2380666-95b923109417cebd0d7a2a4b6ecde5cf&start=2555&end=2718","https://assets.pipeline.soar.com/2380666-95b923109417cebd0d7a2a4b6ecde5cf/thumbnail_2555000.jpg","/articles/6676725/Connecticut/CT-State-introduces-inaugural-compliance-officer-and-flags-dataprivacy-outdated-policies-and-minors-on-campus","https://secure.pipeline.soar.com/6676725-b83dc3189896896eaaef5e1343e7252b/orig.mp4?Expires=1773715686&Signature=VBf-kqrBPrC2pQWaTNUcPaLiezURuN3VNsuOKfZ5gJdm8buOhiNotQZtwW2GyfhYnna2Fq~KIj35lTCj3RpA5aY6CctirfmLpUfX~zsDbJXLFAjyHfYFZxnSwMYhklMaR~qRQpCJcOlPEwhzqN8qtC89MY1ut3uAUTWo64jMaz4IAgbFwVKCMUlXy5KvX6s2hHuJt62cEQDp6rw-0URzKt2Yox9Y17vgQtwTBI8F~0l7fSqCWsokXPd0Cj~vTICGJ7f3pNyFmxP6uIpRfWH1c4CiYM-uTQaJTrIGYVmMU3Q7fFTw7bnGJ8pypj9DH6HOSZx1jWmtEAjegMVrT8dsDg__&Key-Pair-Id=KUT5TJCACFTXG","CT State introduced its inaugural compliance office to the CSCU Audit Committee on May 29, 2024, and outlined priorities including data protection, outdated board policies, the safety of minors on campuses, training, and enforcement referrals.

Cynthia Salas (introduced in the meeting as the CT State compliance officer) said protecting data and information is a top risk and described a cross‑system data‑breach group that includes legal, information security and privacy staff. She also said CT State still relies on a board of trustees policy manual from 2011 that predates consolidation and will be revisited as part of the system‑wide policy refresh. “It is worse, to have a policy and not follow it than it is to not have a policy at all,” Salas said.

On minors and campus access
Salas described dual‑enrollment programs and childcare on campuses and said the institution reviews cases involving people on the sex‑offender registry (transcript redacted language) on a case‑by‑case basis through a review council. She said other institutions employ a dedicated protection‑of‑minors officer and suggested CT State might consider a similar role.

Training, enforcement and staffing
CT State reported a rollout of multiple trainings since May 2023, including freedom‑of‑information training (about 70 employees), records management training (about 80), and ethics training for more than 1,000 employees. The compliance office runs two multi‑day “Compliance Institute” training sessions annually, covers Title IX and civil‑rights topics, and is developing short microlearning videos. Salas said the system is hiring a compliance specialist (position posted the prior Friday) to expand capacity. She also said the compliance office has handled more than five compliance investigations since May and has made referrals to the Connecticut State Police, the state Department of Education and the Auditors of Public Accounts where appropriate.

Ending
CT State’s compliance office requested active oversight from the audit committee and said it would provide updates as policies and training are refreshed across campuses.","CT State's newly created compliance office described priorities including data protection, updating outdated 2011 board policies, investigator activity and training programs; the office plans expanded training and a compliance specialist hire.",{"_33":113,"_35":36,"_37":38,"_39":114,"_41":115,"_43":116,"_45":116,"_47":117,"_49":118,"_51":119,"_53":120,"_55":56,"_57":58,"_59":121,"_61":62,"_63":64,"_65":122,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6676729,"CSCU committee reviews new systemwide P‑card policy after APA findings; mandatory training and limits planned",0,485000,"/Search/View?dp=1&key=2380666-95b923109417cebd0d7a2a4b6ecde5cf&start=485&end=485","https://assets.pipeline.soar.com/2380666-95b923109417cebd0d7a2a4b6ecde5cf/thumbnail_485000.jpg","/articles/6676729/Connecticut/CSCU-committee-reviews-new-systemwide-Pcard-policy-after-APA-findings-mandatory-training-and-limits-planned","https://secure.pipeline.soar.com/6676729-c100978a10390a784b7172fe867f1376/orig.mp4?Expires=1773715686&Signature=YTdgYY3jBWGWizWsY3rdP7wwHZmrMKwae6SD4uRAy89vbIhnbuPpUM5X1YAc~kyLAN2sFo~GrBPSXnkalSfEp5UUtQQLdpoL2MzaVQJ5LstMEL~YHEwJYoQ8SjDoprt8GmQQRoR5x1ARNX73ORhFv6-yee5tKZ7JfrO4VTD7COwBZ-1vp7F8VZQ~QdzNDXUr6nOtsmDpIGgcAL~oFSWR8oC3WNU69CpM1bVtRY9ncJPwM5W867xHc9f3fdPmlDWlJR2Rl9FHg3Wv8V9U8Sr06VrcxU8bGyxKA8EaR4C4rPAYhSnW1tYMpsMRwhcIoSwlUHMdizxB2pxzILQCDGnT2g__&Key-Pair-Id=KUT5TJCACFTXG","The Connecticut State Colleges and Universities Audit Committee discussed a newly drafted systemwide purchasing‑card (P‑card) policy on May 29, 2024, prompted by findings from the state Auditors of Public Accounts (APA) about executive‑level P‑card use.

Cameron Liston, the system chief compliance officer, said the policy establishes acceptable and unacceptable uses, a multi‑tiered review process at both institution and system levels, digitized reconciliations, and mandatory training for cardholders and approvers. “The new PCard policy is a system wide policy that establishes responsibilities, limits, and controls that previously were individually managed by institutions,” Liston said.

Key elements and timeline
Management said the policy will limit the number of P‑cards issued by applying eligibility criteria and will require prior approval for any exceptions to card limits or acceptable uses. The system is changing vendors to support digitized reconciliations and records. Liston said the policy’s effective date is targeted for April 1 (as stated in the presentation) and that the policy will be discussed and voted on at the next Board of Regents meeting on February 27 (date cited in presentation materials).

Regent Porth pressed for earlier board engagement, saying, “we have a fiduciary responsibility and an oversight responsibility,” and asked how the board and its committees would be alerted to such issues sooner. Management responded that violations must be reported to the cardholder and the supervisor and that audit findings will be made available to the board. General Counsel Karen Bufkin and the policy committee were cited as responsible for building communication and training plans.

Scope and current inventory
General Counsel Karen Bufkin said the system currently has just under 1,000 P‑cards and reported a roughly 18–20% reduction since the rollout of the new vendor and initial cleanup efforts; management said further reductions are required by policy. Training will be developed by the system office and made available on demand; institutions can supplement with local training consistent with the system policy.

Ending
Committee members asked for regular updates and publication of audit schedules; management committed to providing routine reports to the audit and finance committees and to making audits and reconciliation schedules available on request.","Following an Auditors of Public Accounts review of purchasing‑card use, the CSCU Audit Committee heard a systemwide P‑card policy that centralizes controls, limits card issuance and requires training and prior approval for exceptions.","actionData","errors"]

Article not found

Independent auditors report clean opinions but identify material weakness, accounting adjustments and staffing delays

Votes at a glance — CSCU Audit Committee, May 29, 2024

Independent audit finds CSCU 2020 construction expenditures recorded correctly; no adjustments required

CT State introduces inaugural compliance officer and flags data‑privacy, outdated policies and minors on campus

CSCU committee reviews new systemwide P‑card policy after APA findings; mandatory training and limits planned