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State Comptroller gives APSU a clean opinion; auditors flag and correct $1 million Pell reporting error
Summary
The State Comptroller's Office issued an unmodified opinion on Austin Peay State University's FY2025 financial statements and reported no financial-audit findings; an NCAA reporting review identified an over-reporting of Pell Grants by roughly $1 million that was corrected after verification.
Travis Mann, Legislative Audit Manager with the State Comptroller's Office, told the Audit Committee that auditors issued an unmodified opinion on Austin Peay State University's fiscal year 2025 financial statements and found no audit findings.
"We issued an unmodified opinion," Mann said, using the common phrase for a clean report. Mann said the financial statements were released in January 2026 and the opinion was opined on Dec. 11, 2025. The State Comptroller's Office also performed agreed-upon procedures related to NCAA membership financial reporting; during that engagement auditors identified an over-reporting of Pell Grants in the NCAA membership financial reporting system of roughly $1 million. Mann said the discrepancy was confirmed against the university's financial-aid records and was corrected after identification.
Committee members praised the result and asked how common no-finding reports are. Mann said no-findings reports are "relatively common" for financial audits when organizations keep good processes in place and avoid accumulating unresolved issues. During the discussion, a trustee expressed frustration with NCAA rules, calling the association "Wild West," an aside Mann acknowledged with thanks.
The State Comptroller's presentation closed with the auditor offering to continue working with university staff on future engagements.
