Itasca Community College
July 1, 1998, through June 30, 2001
Itasca Community College's internal controls provided reasonable assurance that it operated within its available financial resources, properly recorded its financial activities on MnSCU accounting and the state's accounting systems and complied with applicable legal provisions and management's authorization.
Key Findings and Recommendations:
- The college did not maintain sufficient collateral to secure funds in its local bank account. We recommended that the college continue to monitor its deposit activity and adjust the pledged collateral accordingly.
- The college did not adequately monitor user access to the college accounting systems. We recommended that the college restrict access to those functions necessary for its employees to perform their assigned duties. We also recommended that the college should designate an individual with responsibility for monitoring system security to ensure users do not have incompatible access and periodically review system user security reports.
- The college needs to strengthen controls over certain receipts and adjustments and to timely deposit its computer education center receipts. We recommended that the college establish an adequate segregation of duties between the collection and recording of non-credit tuition receipts, maintain adequate supporting documentation for all waivers, approve and review all waivers independently of the cashiering function, and timely deposit computer education center receipts.
- The college has not adequately addressed all concerns relating to its oversight of bookstore expenses. We recommended that the college separate incompatible duties or perform independent reviews to ensure the accuracy and completeness of its bookstore expenses.
Itasca Community College is part of the Minnesota State Colleges and Universities (MnSCU) system. This audit report focused on financial management, tuition and fees, payroll, other administrative expenditures, and bookstore operations for the period from July 1, 1998, through June 30, 2001.