Focused Report

Comprehensive Standard 3.10.4

The institution exercises appropriate control over all its financial resources. (Control of finances)

Off-Site Committee Finding

In the FY 2006 financial audit, in the section titled FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS , on page 1 it states "The accounting procedures of the University were insufficient to provide for adequate controls over (1) Cash and Cash Equivalents; (2) Inventories; (3) Revenues/ Receivables/Receipts; (4) Expenditures/Liabilities/Disbursements; and (5) General Ledger." With that statement unresolved by a subsequent audit, the On-Site Committee will need to review the FY 2007 audit to determine if the institution has implemented all responses to the auditors. It appears that the institution has the necessary processes and written procedures, and has the necessary qualified staff to implement the audit comments.

Albany State University's Response

The University received its [1] annual audit report in November 2007. It includes an unqualified opinion.

The University has submitted a [2] 2007 Audit Corrective Action Plan to address the unresolved or partially resolved issues.

Supporting Documentation

[1] Annual audit report

[2] 2007 Audit Corrective Action Plan