Report Summary
Office of Higher Education
Internal Control and Compliance Audit
|
Financial Audit Division Report 10-16 |
Released April 23, 2010 |
Conclusion
The Office of Higher Education (office) generally had adequate internal controls to ensure it safeguarded assets, accurately paid employees or vendors in accordance with management’s authorizations, produced reliable financial information, and complied with finance-related legal requirements. For the items tested, the office generally complied with finance-related legal requirements. However, the office had some internal control and noncompliance deficiencies. The office resolved one prior audit finding and partially resolved the other, which we repeat in Finding 8.
Key Findings
- The Office of Higher Education did not identify, analyze, and document its internal controls related to its business operations.
- The Office of Higher Education did not adequately restrict or monitor employee access to the state’s accounting system.
- The Office of Higher Education did not retain audit documentation to support its compliance reviews.
- The Office of Higher Education did not properly administer its professional/technical services contracts.
- The Office of Higher Education did not properly account for certain receipts in the state’s accounting system.
- Office of Higher Education did not adequately protect not public data on individuals.
Audit Objectives and Scope
| Objectives | Period Audited |
- Internal Controls
- Compliance
|
July 1, 2007, through December 31, 2009 |
| |
| Programs Audited |
- Grants
- College Savings Plan
- Tuition Reciprocity
- Employee Payroll
|
- Minnesota Student Educational Loan Fund
- Professional/Technical Contracts
- Other Selected Administrative Expenditures
|
