ERIC Number: ED373675
Record Type: Non-Journal
Publication Date: 1994-Aug-10
Reference Count: N/A
Internal Controls over Cash Collections at Selected Campus Peripheral Locations. Report 94-S-27.
New York State Office of the Comptroller, Albany. Div. of Management Audit.
This report sought to assess whether campuses of the State University of New York (SUNY) have established adequate controls for safeguarding cash collections at peripheral locations. An audit of 33 selected peripheral locations, such as libraries, intercollegiate athletics, telecommunications, and student advisement, was conducted between April 1992 and December 1993. Attention was focused on those operations that were identified through a preliminary survey as having the greatest probability for needing improvement. The audit found that none of the 33 locations had established all of the basic controls necessary for safeguarding cash collections, as mandated by state regulations. At 27 locations cash handling duties were not adequately segregated from the duties of maintaining cash accounting records, while at 23 locations no independent reconciliation of daily cash collections was made to cash receipts records. At 21 locations, checks were not restrictively endorsed upon receipt to ensure that they would not be negotiated to inappropriate parties. The report recommends that campuses consider an evaluation of the overall peripheral location cash collection risk exposure and the development and issuance of necessary directives to correct cash control weaknesses. Two appendixes list the major contributors to the report and the comments of SUNY officials. (MDM)
Publication Type: Reports - Evaluative
Education Level: N/A
Authoring Institution: New York State Office of the Comptroller, Albany. Div. of Management Audit.