State University of New York
Fashion Institute of Technology: Selected Financial Management Practices (Follow-Up Report) In audit 2006-S-71, we examined the adequacy of the internal controls over the major areas of financial operations at Fashion Institute of Technology (FIT). We found that there were significant weaknesses in the controls over equipment, purchases were not always made in a manner that allowed for adequate competition, the time and attendance practices of part-time employees were not adequately monitored, and a formal disaster recovery plan had not been developed to ensure the continuity of key business functions. When we followed up on these matters with FIT officials, we found that they had made significant progress in implementing our audit recommendations.
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