State Audit Finds Inconsistencies With Alabama A&M Finances

Internal auditors from the State of Alabama have cited Alabama A&M University for financial inconsistencies and procurement violations during the 2008 fiscal year.

State auditors cited Alabama A&M University this week for $171,316 shown on its books but not found in its bank acount at the end of the 2008 fiscal year.

Auditors also cited the university for bypassing a certified low bidder and buying goods from another vendor and for eight other unresolved issues from previous audits.

Previously-uncovered violations include:

• Improperly adjusted its general ledger student receivables control account at the end of FY 2008.
• Had not completed a physical inventory of capital assets in recent years.
• Did not support its bank reconciliation with an accurate list of outstanding checks.
• Did not make necessary adjustments to its accounting records in a timely manner.
• Allowed students to register and attend class while still owing unpaid balances from prior semesters.
• Had fixed asset subsidiary account balances that did not support amounts presented in the financial statements.
• Did not keep records of revenue collected for athletic events or deposit them in a timely matter.
• Did not obtain required vendor disclosure statements for all bids and contracts exceeding $5,000

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