Report Summary
Audit Report
Metropolitan State University
Period from July 1, 1996, through December 31, 1999
Metropolitan State University operated within available financial resources. However, the university had several key control weaknesses that raised concerns about whether assets were safeguarded and financial activities were properly recorded.
Key Findings:
- The university did not verify the accuracy of financial activity recorded in either its local bank account or in the state treasury, or maintain sufficient collateral for its local bank account. (Findings 1 and 2, pages 7 and 8)
- The university had not promptly billed or requested reimbursement funds from certain organizations, and did not correctly record all financial activity on its accounting system. (Findings 3 and 4, page 9)
- The university did not adequately control computer access to the accounting system. (Finding 5, page 12)
- The university did not reconcile SCUPPS to SEMA4 or enter faculty assignments into the SCUPPS system promptly. (Findings 6 and 7, pages 16 and 17)
- The university did not adequately safeguard its supplies and equipment purchases or take a complete physical inventory of fixed assets. (Findings 8 and 9, pages 20 and 21)
- The university did not record federal PELL funds promptly upon receipt and improperly certified a Subsidized Stafford Loan. (Findings 10 and 11, page 25)
- The university's computer store was not promptly paying vendors or collecting accounts receivable. It also inappropriately received vendor rebates and did not prepare annual statements. (Finding 12, page 28)
Metropolitan State University is a part of the Minnesota State Colleges and University (MnSCU) system. This audit report represents the conclusions of our audit of the university's tuition and fees, payroll, operating expenditures, supplies and equipment, and the computer store. We also reviewed the university's internal controls over compliance with federal student financial aid for fiscal year 2000. The university's response is included in the report.
