A Performance Audit
An Audit Report on Financial Processes at Texas State Technical College
Texas State Technical College (College) should strengthen its processes to ensure that it accounts for and disposes of its assets in accordance with Office of the Comptroller of Public Accounts (Comptroller’s Office) requirements and College policy. Additionally, the College should strengthen certain controls over its financial system to ensure the reliability of its data. However, the College had processes to ensure that it made payments in accordance with applicable requirements.
The College’s processes were not adequate to ensure (1) assets were inventoried in compliance with Office of the Comptroller of Public Accounts (Comptroller’s Office) requirements, (2) all disposed assets were recorded and accurate in the State Property Accounting system (SPA), and (3) assets were disposed of in compliance with Comptroller’s Office requirements or College policy. Additionally, the College’s existing process did not ensure that it maintained support for all disposed assets.
The College Had Voucher Payment Policies and Procedures in Place to Ensure That It Complied With Applicable Requirements
The College had processes that ensured that it paid vendors and made payments for travel-related and procurement card expenses in accordance with applicable requirements. The College also had policies in place that were sufficient to comply with certain requirements.
The College Should Strengthen Its Access Controls and Maintenance Processes to Help Ensure the Reliability of Its Financial Data
The College should strengthen its information technology (IT) controls to address significant security risks that could affect the reliability and security of data used for reporting financial information.
Graphics, Media, Supporting documents