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Trustees hear progress on cash reconciliations; federal audit flags NSLDS reporting and ghost-student reporting issues
Summary
System finance staff said cash-reconciliation work is in progress following ERP implementation, and external auditors reported three federal audit findings: the cash-reconciliation material weakness carried into the single-audit, repeat enrollment reporting errors to NSLDS tied to a clearinghouse, and a failure to report a confirmed fraudulent ("ghost") student to the Office of Inspector General.
System finance leaders told the Academic and Student Affairs Committee they are addressing a material weakness in cash reconciliation left over from the recent ERP (Workday) conversion and aim to reconcile cash at the campus level by fiscal year-end.
"The goal is that by the end of this fiscal year the majority of schools would be able to reconcile," Matadi Popa, director of financial reporting, said. Staff described a reconciliation template, mitigations for settlement…
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