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TSU audit committee reviews forensic and financial audits, approves FY2024‑25 audit plan
Summary
The audit committee reviewed recent forensic and financial audits, discussed recurring compliance findings and approved an FY2024‑25 internal audit plan while flagging staffing shortfalls and the need to automate conflict‑of‑interest collection.
The Tennessee State University Audit Committee met June 6 to review a slate of internal and external audit work and to approve the internal audit office’s fiscal‑year 2024‑25 plan.
Director of Internal Audit summarized recent work: the NCAA student assistant fund and several endowment and expense reviews showed no findings; the university’s financial statement audits and single audit included multiple findings for FY2022/2023 for which corrective action plans have been submitted to the state and reports of action are due by Sept. 27, 2024. A forensic audit released in March found no fraud but produced 56 observations and about 60 recommendations the university is addressing, the director said.
Committee members focused on: (1) an elevated number of hotline allegations and internal investigations over the last year, (2) a 69.4% compilation rate for submitted conflict‑of‑interest forms, and (3) staffing and capacity constraints inside the audit office that slow follow‑up and external review timelines. The director said the team has been compiling disclosure forms manually and is pursuing an automated system (estimated implementation ~$40,000 with ~$25,000 annual support) to increase compliance and reduce manual hours.
The audit committee approved the FY2024‑25 audit plan (required audits highlighted; roughly 1,165 hours for required items and 600 hours for follow‑ups) and directed staff to develop an execution plan that includes options for short‑term external assistance if recruitment of senior auditors remains difficult. The director said many investigations arrive via the state hotline and must be responded to within statutory time frames; some large investigations have required extensions.
Trustees discussed establishing a focused remediation team (including finance, audit and board members) to prioritize outstanding external audit findings and to work with state auditors to get TSU back on a more regular audit schedule. The committee also asked staff to provide an implementation timeline and cost estimate for automating conflict‑of‑interest review and for any temporary external support needed to meet September reporting deadlines.
