Summary

Our operational audit for the fiscal year ended June 30, 2006, disclosed the following:

Finding No. 1:         The College needed to improve its procedures for timely identifying, investigating, and correcting differences between subsidiary records and the general ledger for accounts payable.

Finding No. 2:         The College did not perform periodic reconciliations of capital outlay expenditures to property record additions.

Finding No. 3:         The College’s controls over electronic fund transfers needed enhancement.

Finding No. 4:         The College had not implemented adequate procedures for documenting that Hurricane Katrina displaced students, who were granted tuition and fee waivers, met the eligibility requirements provided in Section 1009.25(2)(e), Florida Statutes.

Finding No. 5:         The College did not report to the Internal Revenue Service the taxable value of cell phone services as income for employees who did not make an adequate accounting of the business use of their assigned cell phones.