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Auditors flag bank‑reconciliation and controls weaknesses at several universities, urge follow‑up
Summary
Auditors for the Legislative Audit and Fiscal Review Committee reported Aug. 14 that the University System audit included two formal recommendations, chiefly insufficient monitoring of service organizations and several campuses' failure to perform timely bank reconciliations.
Auditors for the Legislative Audit and Fiscal Review Committee reported Aug. 14 that the University System audit included two formal recommendations, chiefly insufficient monitoring of service organizations and several campuses' failure to perform timely bank reconciliations.
Why it matters: auditors said unreconciled bank balances and missing monthly reconciliations raise the risk of billing errors, misstated financial reports and delayed detection of mistakes. The issue also affects public confidence in stewardship of institution funds.
What auditors found: the Office of the State Auditor issued an unmodified…
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