The recently released financial audit from the Office of the Illinois Auditor General covers the year ended June 30th. It found Northern Illinois University’s internal controls over financial reporting are not sufficient to prevent mistakes.
Auditors found the University had mathematical and typographical errors in its cash flows worksheet.
Also, auditors note the same finding repeated since 2011 related to how the University calculates money earned over the summer session.
University Response
The University accepts the Auditor’s recommendation and states "management has conducted a process review of each component of this finding and has implemented corrective actions."
They include:
- Expand training for staff accountants on accounting guidelines, standards and reconciliation procedures.
- Expand use of technology and systems to automate manual processes.
- Update and refine policies and procedures for departments that provide data feeds to the accounting function.
Disclosure: Northern Public Radio is owned by, and licensed to, Northern Illinois University
