Common Findings

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.

Revenues:

  • No segregation of duties over the cash receipt function
  • Cash receipts not deposited timely
  • Inadequate documentation of cash receipts
  • Sales of goods and services on credit to external organizations not formally authorized by USNH Controller
  • Checks not immediately restrictively endorsed upon receipt
  • Fundraising activity not coordinated with institution’s development office or Foundation
  • Transactions not recorded to the proper revenue source code
  • Inadequate reconciliation of deposits
  • Inadequate safeguarding of cash

Expenditures:

  • Appropriate business purpose is not clearly / fully documented
  • Unauthorized change funds, imprest checking accounts, and/or petty cash funds
  • Inadequate documentation for charges to Federal awards
  • Insufficient segregation of duties over expenditures, receiving, and monitoring
  • Expenditure transactions are not charged to the appropriate object code
  • P-card violations
  • Lack of appropriate approvals

Miscellaneous:

  • Information Technology is not being fully utilized for efficiency of operations
  • Contracts signed by individual who did not have proper delegation of authority from the USNH Treasurer
  • Financial activity processed by a department or individual that does not have approval authority
  • Financial operations maintained outside of the USNH books and records, and activities are not adequately monitored
  • I-9 forms are not completed accurately or timely
  • Operating Staff are not completing time sheets
  • Inappropriate use of supplemental pay
  • Inadequate oversight of financial transactions
  • Rate structure of recharge / service centers is not in compliance with USNH policies