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Audit committee approves internal audit of chart of accounts ahead of Workday ERP
Summary
The Vermont State Colleges Audit and Risk Management Committee approved an internal audit plan to review the system-wide chart of accounts in preparation for a planned Workday enterprise resource planning (ERP) implementation. The committee directed staff to begin the review and return with findings at the next regularly scheduled meeting.
The Vermont State Colleges Audit and Risk Management Committee approved an internal audit plan to review the system's chart of accounts in advance of a planned Workday enterprise resource planning implementation expected to begin in April.
Committee members said the review aims to ensure accounting consistency across the institutions merged into Vermont State University and to align the chart of accounts with industry standards and Workday's recommendations. Sharon Scott presented management's draft plan, which cites the National Association of College and University Business Officers (NACUBO) Financial Accounting Manual as a reference.
"We felt that taking a strong look at the chart of accounts that we had redeveloped in advance of the creation of Vermont State University...and looking at it in-depth relative to the NACUBO Financial Accounting Manual felt that taking a deep dive look at that this year would make the most sense," Sharon Scott said.
Scott told the committee a consultant was hired in 2022 to assist with earlier changes and that the audit will review compliance with those prior recommendations as well as consider Workday's suggested structures. The work will start after committee approval and be led by internal staff; committee members were told the auditors will return with findings at the next regularly scheduled meeting.
Trustee Silverman asked whether it was typical for the chief financial officer to be listed on the audit team and whether that office had time to participate. Scott said the audit will be "largely a review effort" and that much of the detailed work will be performed by finance staff, including Toby Stewart.
The committee approved the draft internal audit plan by voice vote. The chair noted the plan requires only committee approval and does not need the full board's sign-off.
The committee also approved the minutes from the Oct. 28, 2024 meeting and adjourned; those procedural actions were moved by Trustee Flint and seconded by Trustee Silverman and adopted by voice vote.
