This audit report of State University of New York College at Old Westbury (OW) examined internal controls over cash, accounts receivable, student accounts, payroll checks, equipment and computer systems and whether these controls provided adequate safeguards and accurate records. The study audited the period April 1, 1993 through February 28, 1995 in accordance with generally accepted government auditing standards. The audit found that improvements were needed in OW's internal controls over cash collections and disbursement, accounts receivable, equipment inventories, and computer systems. Specific findings included the following: (1) improved controls over cash receipts are needed to ensure that checks are endorsed restrictively on receipt and deposited promptly; (2) at the time of audit OW had more than $113,000 in checks on hand that had not been deposited including 60 checks that had been on hand for up to two months; (3) delinquent student accounts were not being reviewed and referred to the Attorney General in a timely manner; (4) vending machine concessionaires underpaid OW by about $12,000; (5) controls over OW's $11 million equipment inventories needed strengthening; and (6) back-up copies of computer files were being stored so close to the main system that their safety could not be ensured in case of disaster. Appendixes contain comments of SUNY officials and a list of contributors to the report. (JB)