Report Summary
Higher Education Board
Financial Audit
For the Period July 1, 1991, Through January 31, 1994
| Public Release Date: September 16, 1994 |
No. 94-51 |
Objectives
- Assess Internal Control Structure: payroll, capital equipment, and all administrative disbursements.
- Test Compliance with certain Finance-Related Legal Provisions.
Conclusions
We found two areas where the internal control structure needed improvement:
- The board's controls over its fixed assets are inadequate.
- Controls over access to statewide accounting and payroll/personnel transactions are inadequate.
We found one departure from finance-related legal provisions:
- The board failed to encumber funds in a timely manner.
