State University of New York

College at Cortland -Selected Financial Management Practices

Our audit found that College managers had not established a strong control environment for revenue and equipment. They had not implemented the recommendations from our previous audit reports, as well as a recent review by the University Auditor, to correct some significant control deficiencies. They had not conducted formal risk assessments, developed control procedures to reduce risks, or provided adequate training or guidance for employees who played significant roles in the control system. Nor has management monitored the effectiveness of the existing system of control over the College's revenues and equipment. We recommended that College officials make more of an effort to maintain an operating style that formally recognizes and supports the control components of risk assessment, control activities, communication, and monitoring for revenue and equipment.

For a complete copy of Report 99-S-13 click here.
For a copy of the 90-day response click here.
For a copy of the associated follow-up report click here.