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Audit committee hears findings: Division of State Audit lists 15 findings; many remain uncorrected
Summary
The audit committee was presented with the Division of State Audit’s FY2023 report listing 15 findings, including ongoing issues with internal controls, untimely bank reconciliations, HEERF compliance, Title IV reporting and financial‑statement errors; several findings were recorded as not corrected.
The Tennessee State University audit committee on Nov. 20 received a report summarizing the Division of State Audit’s FY2023 financial and compliance audit, which documented 15 findings across financial controls, student aid and foundation governance.
Dr. Renee Forbes Williams, presenting the internal audit follow‑up, said several of the findings remain uncorrected. "Finding 1, management lacked appropriate oversight allowing a breakdown of controls. Not corrected," she said. She listed multiple items marked "not corrected," including untimely bank reconciliations, errors in the financial statements, control weaknesses over ledgers and grants, noncompliance with HEERF guidelines, and Title IV and Pell reporting concerns.
For some findings the committee was told there has been partial progress: accounts receivable collection procedures improved and the financial aid office revised reconciliation policies, and the university has hired an assistant director of compliance and a controller who began Nov. 10, with a CFO scheduled to start soon.
Trustees asked about the state's follow‑up timeline; Forbes Williams said the Division of State Audit performs routine follow‑up and will include unresolved items in the next audit cycle (the FY2025 audit is scheduled to begin next month). The committee moved to adjourn the public meeting and enter executive session to discuss confidential matters.
