III.D.7. Institutional responses to external audit findings are comprehensive, timely, and communicated appropriately.
Divisions access their budget financial reports online through Web Advisor. The financial reports are updated real time and are available daily to the leadership team. The budget versus expenditure reports are updated and analyzed regularly for accuracy by the finance division’s monthly closing, to support institutional and financial management. The overall fiscal status of the institution is regularly reported during the Leadership team’s meetings for transparency and institutional financial planning.1
The Board of Higher Education is provided with financial reports quarterly during its board meetings. These financial reports include the budget versus expenditure reports, cash flow projections and audit reports. These reports provide the governing board an overview financial status of the institution. 2
ASCC’s annual audits indicate findings that the institution must provide corrective action plans in a timely manner. Additionally, the auditors issue a MCL to inform management of recommendations pertaining to financial operation that requires immediate response.
ASCC received several findings over the past six years. These findings were addressed and resolved by the fiscal management in a timely manner with the exception of two findings. These two findings were Cash Management and Equipment and Property Management. The finance division documented, updated, improved, and implemented standard operating procedures to address these two findings.3 As evident in ASCC’s 2013 and 2014 audit reports, these two material weaknesses were resolved. 4
In its 2014 A-133 audit report, ASCC received one material weakness that pertains to financial aid verification. The institution had immediately implemented corrective action plan by revising its standard operating procedure on ASCC Financial Aid Verification Process to ensure a thorough review in resolving conflicting data. Currently a total of 663 students were selected for verification. Out of those 663 students, 53 indicated having Business related income and investments. Those student’s verification worksheets were pulled and re-verified to ensure that assets are reported for their 2014-2015award year. The USDOE Region IX had confirmed that ASCC’s corrective action plan has been accepted in resolving this material audit finding.5
The corrective action plan is prepared by the finance division to address all audit findings and is approved by the President. ASCC's audit findings and the corrective action plans are shared with the institutional leadership, ASG, and the Board of Higher Education.
ASCC recognizes the importance of being in compliance with all governing fiscal regulations and policies. The institution makes it a priority to resolve all audit findings in a timely manner.
1 - 2011, 2012, 2013, 2014, 2015 Leadership Team Presentations
2 - BHE Fiscal Update Reports 2011-2015
3 - Drawdown SOP, Fixed Asset Inventory SOP
4 - Audit Reports 2013 & 2014, summary pages
5 - USDOE Region IX September 2015 letter