tailieunhanh - 2007 Financial, Investigative, and Strategic Audit Reports Released Since Last Meeting by the North Carolina Office_part2

Các vấn đề liên quan đến báo cáo tài chính hoặc các mục tiêu tuân thủ Liên bang Các kết quả kiểm toán sau đây đã được xác định trong quá trình kiểm định hiện hành và mô tả điều kiện đại diện cho sự thiếu hụt quan trọng trong kiểm soát nội bộ hoặc không tuân thủ với luật, quy định, hợp đồng, thỏa thuận cấp hoặc các vấn đề khác. | Item 2 Matters Related to Financial Reporting or Federal Compliance Objectives The following audit findings were identified during the current audit and describe conditions that represent significant deficiencies in internal control or noncompliance with laws regulations contracts grant agreements or other matters. 1. INADEQUATE BANK RECONCILIATIONS The University did not perform bank reconciliations for the Short-term Investment Fund the State Disbursing account and Capital Improvement account for any month in our audit period. A majority of the University s transactions are processed through these three accounts. The University was unable to completely reconcile the accounts until April 2008. As a result there was an increased risk of error and misappropriation of assets. Recommendation The University should improve internal control to ensure that all its bank accounts are reconciled completely accurately and timely. University s Response We concur with the recommendation. The following steps have been accomplished We have reconciled the bank statement balances to the Banner bank fund balances for all three Banks. We are finalizing procedures and plan to have all reconciliations current at June 30 2008. 2. FINANCIAL STATEMENTS AND NOTES REQUIRED SIGNIFICANT CORRECTIONS The financial statements and notes prepared by Elizabeth City State University presented for audit contained significant errors. Without our audit adjustments users of the financial statements could have been misled about the University s financial condition and results of operations. During our audit of the 2007 financial statements the following errors were found a. The University posted two erroneous journal entries resulting in the overstatement of Unearned Revenue by 1 012 318. b. The University had capital assets totaling 2 285 813 recorded as General Infrastructure that was not being depreciated. The assets were in the subsidiary ledger but depreciation expense for the assets had not been .