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Below is a list of typical issues sorted by type that we
encounter when performing an audit or review. This list is provided to aid in
the financial management function at organizational units within USNH. To
further assist you in evaluating the financial management function at your
organizational unit, please refer to our internal
control questionnaire. |
Revenues:
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No
segregation of duties over the cash receipt function
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Cash receipts
not deposited timely
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Inadequate
documentation of cash receipts
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Sales of goods and
services on credit to external organizations not formally authorized by USNH
Controller
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Checks not
immediately restrictively endorsed upon receipt
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Fundraising
activity not coordinated with UNH Foundation
-
Transactions not
recorded to the proper revenue source code
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Inadequate
reconciliation of deposits
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Inadequate
safeguarding of cash
Expenditures:
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Appropriate
business purpose should be clearly documented
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Unauthorized
change funds, imprest checking accounts, and/or petty cash funds
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Inadequate
documentation for charges to Federal awards
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Insufficient
segregation of duties over the expenditures
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Person approving
financial documents/transactions does not have a signature card on file with
Accounts
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Payable or the
signature card is not current with respect to what accounts the individual has
approval authority.
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Expenditure
transactions are not charged to the appropriate object code
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Pcard violations
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Lack of
appropriate approvals
Miscellaneous:
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Information
Technology is not being fully utilized for efficiency of operations.
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Contracts signed
by individual who did not have proper delegation of authority from the USNH
Treasurer
USNH financial operations maintained outside of the USNH books and records, and
activities are not adequately monitored
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I-9 forms are not
completed accurately or timely
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Operating Staff
are not completing time sheets
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Inappropriate use
of supplemental pay
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Inadequate
oversight of financial transactions
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Financial activity
processed outside of the BSC
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Rate structure of
recharge / service centers is not in compliance with USNH policies
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