In: Accounting
Revised Deadline: December 2
Select a Audit Report on any ONE of the four colleges below by clicking on the link that I have provided.
You will find it quite interesting to see some of the challenges that the various colleges have had in complying with procedures and internal controls.
Write in your own words a 995 word paper on what you have read. Submit your responses here under this thread. Identify clearly the college that you have selected. You do not need to read the entire report for the purposes of this discussion. You can choose to comment on one or more than 1 item of interest. Citations are not necessary. You can use the links below to comment on an older report or visit the website directly for the Maryland State office of Legislative Audits(https://www.ola.state.md.us/ (Links to an external site.)Links to an external site.) and do some navigating to find the latest reports , if you so choose.
1) Baltimore City Community College Operational Audit Report.
http://dlslibrary.state.md.us/publications/OLA/BaltCityCommColl_2010rev.pdf (Links to an external site.) (Links to an external site.) (Links to an external site.) (Links to an external site.)Links to an external site. (Links to an external site.)Links to an external site. (Links to an external site.)Links to an external site.
2) University of Baltimore Operational Audit Report
http://www.ola.state.md.us/Reports/Fiscal%20Compliance/UB14.pdf (Links to an external site.) (Links to an external site.) (Links to an external site.) (Links to an external site.)Links to an external site. (Links to an external site.)Links to an external site. (Links to an external site.)Links to an external site.
3) Coppin University Audit Report
http://dlslibrary.state.md.us/publications/OLA/USM/CS_2012.pdf (Links to an external site.) (Links to an external site.) (Links to an external site.) (Links to an external site.)Links to an external site. (Links to an external site.)Links to an external site. (Links to an external site.)Links to an external site.
4) Morgan University Operational Audit Report
http://dlslibrary.state.md.us/publications/OLA/USM/MSU_2010.pdf (Links to an external site.) (Links to an external site.) (Links to an external site.) (Links to an external site.)Links to an external site. (Links to an external site.)Links to an external site. (Links to an external site.)Links to an external site.
University of Baltimore Operational Audit Report
University of Baltimore is an institution that offers carrer
oriented programs such as Business, law and liberal arts.This audit
was conducted in accordance with the Government audit standards.
The scope of this audit was to examine Universities financial
transactions, It's internal controls and it's records, and to check
whether they are all in compliance with the statutory law or
not.
To complete this audit work, enquiry had happened with personnel, records and documents are checked. Various data were matched with state financial information system and with state's central payroll bureau. Data gathered and used in this audit were checked and found reliable.
This audit report finds that university is not having proper control and mechanism regarding cash receipt, students accounts receivables, Handiling of Bank accounts and its information system which need to be reviwed and enhanced..Below the following details findings are given.
Findings of the report:
1)Students Account
receivable:
Students refund were not issued in timely manner, in some instances
students are getting more refunds than expected. They are no
approval follows for sanctioning the refund.
Recommendation: Review of refund after processing and there should
be restriction in processing the refund, the employee who records
the refunds should not be processing it and employee should not
give more refunds than students credit.
University accepts the above recommendations.
2)Cash collection procedure not
up to the mark in Bursar's office.
Copies of initial cash recipt were not transferred to the
comptroller's office on daily wise. Original documents were kept on
vault.
Not obtaining the singature from the personnel collecting cash from
the bank.
There were clearly lack of accountability.
recommendations are transfer of cash receipt on daily basis, taking
signature from personnel who collect cash from bank and restiction
in the access of vault.
University accepts the above recommendations.
3)There is inadeqacy in check
disbursement:
The issue is university does not have reviewal procedure of
checks
recommendation is that there should be a review of the checks which
processed through clearing accounts and electronic fund transfer
activity can be brought into practise.
University accepts the above recommendations.
4) The Information system and
security control is not up to the mark
University's computer network were not properly secured there were
threats of malware and hacking as well as virus threat
Recomendations:
restrcition of access from the third party which is not a trusted
source and propoer review of anti malware on regular basis.
University accepts the above recommendations.