Minnesota Office of the Legislative Auditor
Financial Audit Division

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Report Summary


Financial-Related Audit

Metropolitan State University

July 1, 1999, through June 30, 2001


Since our last audit, Metropolitan State University has made significant improvements to its financial operations. In addition to implementing eleven of twelve prior audit recommendations, we noted that overall the university complied with applicable legal provisions, and its internal controls provided reasonable assurance that assets were safeguarded and financial activities were properly recorded. In addition, Metropolitan State University's budgetary controls provided reasonable assurance that it operated within its available financial resources. However, the university had certain internal control weaknesses that impacted the safeguarding of assets and the recording of financial activities in the accounting records.

Key Findings and Recommendations:
  • Metropolitan State University allowed its foundation to receive certain grants intended for specific university programs. We recommended that the university process certain grants intended for specific university programs directly through university accounts.
  • Metropolitan State University did not verify the accuracy of its commission receipts. We recommended that the university ensure the accuracy of vendor paid commissions by reviewing external audit reports or performing other verification of vendor reported receipts. In addition, the university should ensure that all vendor contracts include a provision allowing the university to access vendor financial reports or financial records.
  • Metropolitan State University partially implemented a prior issue relating to control access of certain business office staff to its accounting system. We recommended that the university should ensure that employees do not share system passwords.

Metropolitan State University is part of the Minnesota State Colleges and Universities (MnSCU) system. This financial-related audit report focused on financial management, tuition and fees, payroll, administrative expenditures, and bookstore operations for the period from July 1, 1999, through June 30, 2001.

Office of the Legislative Auditor ♦ Room 140, 658 Cedar St., St. Paul, MN 55155