Select an Audit Report on any ONE of the four colleges below by clicking on the

Question

Select an Audit Report on any ONE of the four colleges below by clicking on the link that I have provided. above.

You will find it quite interesting to see some of the challenges that the various colleges have had in complying with procedures and internal controls.

Write in your own words a 995 word paper on what you have read. Submit your responses here under this thread. Identify clearly the college that you have selected. You do not need to read the entire report for the purposes of this discussion. You can choose to comment on one or more than 1 item of interest. Citations are not necessary.

1) Baltimore City Community College Operational Audit  Report

http://dlslibrary.state.md.us/publications/OLA/BaltCityCommColl_2010rev.pdf

2) University of Baltimore Operational Audit Report

http://www.ola.state.md.us/Reports/Fiscal%20Compliance/UB14.pdf

3)  Coppin University Audit Report

http://dlslibrary.state.md.us/publications/OLA/USM/CS_2012.pdf

4) Morgan University  Operational Audit Report

http://dlslibrary.state.md.us/publications/OLA/USM/MSU_2010.pdf

Explanation / Answer

University of Baltimore Operational Audit Report

University of Baltimore is an intitution that offers carrer oriented programs such as Bsuiness, law and liberal arts.

This audit was conducted in accoradance with the Government audit standards. The scope of this audit was to examine Universities financial transactions, It's internal controls and it's records, and to check whether they are all in compliance with the statutory law or not.

This operational audit which is consducted at the institutes gives the details about Universit's functions and some of its loopholes which ultimaterly
can be corrected.

To complete this audit work, enquiry had happened with personnel, records and documents are checked. Various data were matched with state financial information system and with state's central payroll bureau. Data gathered and used in this audit were checked and found reliable.

This audit report finds that university is not having propoer control and mechanism regarding cash receipt, students accounts receivables, Handiling of Bank accounts and its information system need ti be reviwed and enhanced.

Findings of the report:

1)Students Account receivable:
Students refund were not issued in timely manner, in some instances students are getting more refunds than expected. They are no approval follows for sanctioning the refund.
Recommendation: Review of refund after processing and there should be restriction in processing the refund, the employee who records the refunds should not be processing it and employee should not give more refunds than students credit.
University accepts the above recommendations.

2)Cash collection procedure not up to the mark in Bursar's office.
Copies of initial cash recipt were not transferred to the comptroller's office on daily wise. Original documents were kept on vault.
Not obtaining the singature from the personnel collecting cash from the bank.
There were clearly lack of accountability.
recommendations are transfer of cash receipt on daily basis, taking signature from personnel who collect cash from bank and restiction in the access of vault.
University accepts the above recommendations.

3)There is inadeqacy in check disbursement:
The issue is university does not have reviewal procedure of checks
recommendation is that there should be a review of the checks which processed through clearing accounts and electronic fund transfer activity can be brought into practise.
University accepts the above recommendations.

4) The Information system and security control is not up to the mark
University's computer network were not properly secured there were threats of malware and hacking as well as virus threat
Recomendations:
restrcition of access from the third party which is not a trusted source and propoer review of anti malware on regular basis.
University accepts the above recommendations.

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