Summary

Audit Scope and Objectives

The objectives of this operational audit were to obtain an understanding and make overall judgments as to whether University management controls promoted and encouraged compliance with applicable laws, administrative rules, and other guidelines; the economic, effective, and efficient operation of the University; the reliability of records and reports; and the safeguarding of assets.  Specifically, we reviewed management controls and administration of cash, faculty activity reporting, contracts, purchasing, insurance, and student records for the period January 1, 2001, through December 31, 2001, and selected transactions through March 31, 2002.

We conducted this audit in accordance with applicable standards contained in Government Auditing Standards issued by the Comptroller General of the United States.

Summary of Audit Findings

Finding No. 1:  We noted reconciling items older than six months in several bank account reconciliations.

Finding No. 2:  Employee underpayments of Social Security and Medicare taxes totaling approximately $10,000 were not collected by the University timely.

Finding No. 3:  Faculty activity reports were not adequately monitored by University management to ensure that they were properly completed and documented their intended purposes.

Finding No. 4:  The University did not adequately monitor contract provisions for the operations of its bookstore, food service, laundry, and vending machines by private contractors to ensure that commission income was timely and accurately received.

Finding No. 5:  No procedures were in place to document a timely and cost-effective resolution to a contract in which timelines and cost were exceeded by a significant margin.

Finding No. 6:  Our review indicated that University records for payment to medical providers for student athletes were incomplete, and payment was not always timely.

Finding No. 7:  Payments to vendors did not appear timely in several instances, contrary to Section 215.422, Florida Statutes.

Finding No. 8:  We noted six instances in which financial aid disbursements by the Controller’s Office could not be matched to corresponding entries in the financial aid award file, thereby eliminating an effective audit trail.

The President's written response to the audit findings can be viewed in its entirety on the Auditor General's web site.