What are some examples of common audit findings?
Examples of common audit findings include the following: • Inadequate separation of duties, i.e. one employee responsible for all aspects of specific types of activities • Deposits not made in a timely manner • Bank accounts not reconciled in a timely manner • Administrative policies, procedures, and practices not documented • Subsidiary ledger accounts are not reconciled to the general ledger • Expenditures or disbursements not properly authorized • Administrative staff not cross-trained to provide coverage during extended absences • Access to campus and departmental computer resources not properly controlled • Computer data files not backed up on a regular basis • Electronic backup media not stored in a secure location remote from the original data.
