|Financial Audit Division Report 12-18||Released August 30, 2012|
Internal controls were generally adequate to ensure that the Perpich Center for Arts Education (center) safeguarded its financial resources, accurately paid employees and vendors in accordance with management’s authorizations, produced reliable financial data, and complied with finance-related legal requirements, including those associated with the use of money from the Arts and Cultural Heritage Fund; however, the center did not have adequate internal controls for financial activity related to student fee receipts and capital assets.
For the items tested, the center generally complied with finance-related legal requirements, including those associated with the use of money from the Arts and Cultural Heritage Fund; however, the center had some instances of noncompliance related to receipts, capital assets, and payroll.
The center resolved 13 out of 17 prior audit findings.1 The center did not resolve four prior audit findings related to internal controls for receipts (including access to its computerized business systems), its overall financial management responsibilities, and the relationship with its foundation.
||Fiscal years 2010 and 2011|
1 Office of the Legislative Auditor’s Financial Division Report 08-24, Perpich Center for Arts Education, issued October 9, 2008.