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State comptroller issues clean financial and NCAA reports for APSU; internal-audit updates show no new findings
Summary
The Tennessee Comptroller's Office issued an unmodified opinion on Austin Peay State University's FY2024 financial statements and reported no issues in an NCAA agreed-upon procedures engagement; university internal audit reported a clean enrollment-data review, one outstanding recommendation being worked, and client-survey-driven training
Tabitha Furlong, a legislative audit manager with the Tennessee Comptroller’s Office Division of State Audit, told the Austin Peay State University Audit Committee on Feb. 27, 2025, that the comptroller issued an unmodified opinion on APSU’s financial statements for the fiscal year ended June 30, 2024, and reported no findings on the engagements performed.
"We issued an unmodified opinion, which is a good opinion, on the APSU financial statements on 12/05/2024 and released the report on 01/29/2025," Furlong said. She told the committee that prior-year findings — one related to endowment reporting and two federal findings (student financial assistance enrollment reporting and HEERF reporting) — had been corrected and that the FY2024 financial-statement audit contained no findings.
Furlong also said the comptroller performed an agreed-upon procedures engagement related to NCAA compliance for the fiscal year ended June 30, 2024, and released that report on Jan. 13, 2025; she reported no issues were noted in that engagement.
Clements and internal audit staff provided additional informational items to the committee. The office’s periodic audit of enrollment data, which supports submissions to TEC, had no observations or findings for the period reviewed. Clements said the materials provided a list of outstanding audit recommendations; he noted there is one outstanding issue that staff are working on and that he expects it to be resolved by June.
The internal audit office also reported results from a client-satisfaction survey for calendar year 2024. Clements said the office began an annual survey of clients in 2016 and that one common respondent comment asked for additional training for faculty and staff who approve credit cards. In response, the office added short training sessions through Human Resources for supervisors; Clements said those were offered twice last semester and twice this semester, and that "over 60% of all the supervisors have attended." He said the office intends to continue offering that training.
These information items required no committee action. Committee members commended internal audit staff for proactive work to reduce risk across the university.
Ending: The comptroller's clean reports and internal-audit updates were presented as information; committee discussion focused on continuing internal controls training and resolving the single outstanding recommendation noted in the materials.
