State University of New York

Fashion Institute of Technology: Selected Financial Management Practices

We audited the adequacy of the internal controls over the major areas of financial operations at Fashion Institute of Technology. We identified significant weaknesses in the controls over equipment, as the inventory records were unreliable and incomplete. We also found purchases were not always made in a manner that allowed for adequate competition. We further determined that 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.

For a complete copy of Report 2006-S-71 click here.
For a copy of the 90-day response click here.
For a copy of the associated follow-up report click here.