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Audit committee: Workday transition delayed reconciliations (material weakness); auditors issue clean opinion and flag federal single‑audit delays
Summary
External auditors issued unmodified opinions on the systemwide financial statements and revenue fund but reported a material weakness tied to untimely cash reconciliations during Workday implementation. Single‑audit testing for federal student aid remains delayed by the OMB compliance supplement; preliminary federal findings include NSLDS reporting, Tier‑1 IP reporting and one unreported ghost student case.
External auditors and internal audit briefed the Audit Committee on Nov. 20, reporting that independent auditors (CLA) issued unmodified opinions on the Minnesota State systemwide financial statements and the revenue fund despite a challenging Workday transition.
Auditors reported a material weakness related to the timeliness of cash reconciliations created by the ERP implementation and complex interfaces with state treasury systems. Auditors emphasized that the issue was reconciliation timing rather than…
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