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Audit committee flags material weakness; board approves stricter P‑card controls
Summary
The CSCU audit committee reported a material weakness tied to limited technical accounting expertise and system migration issues; the board approved a tighter P‑card policy and directed continued oversight.
The audit committee reported to the Board of Regents that three audits by the auditors of public accounts identified issues prompting management and governance attention, and the committee described one material weakness in internal controls.
Audit Committee Chair Elise Wright said auditors raised concerns tied to a lack of technical accounting expertise during the FY24 financial close and the timing of key staff departures, which contributed to errors in fringe benefit accounting and delayed audits. Committee materials reported…
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