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NCAA

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SRE's are incomplete and do not capture all Athletic Department accounts: Outside organizations (e.g., athletic club, camp and cheerleader activities) ... – PowerPoint PPT presentation

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Title: NCAA


1
NCAA Agreed-Upon Procedures Update Common Fin
dings
2
Statement of Revenue and Expenses
  • SREs are incomplete and do not capture all
    Athletic Department accounts
  • Outside organizations (e.g., athletic club, camp
    and cheerleader activities)
  • Gifts received by development
  • Gifts-in-kind from corporate sponsors
  • Interest earned on endowment funds

3
Statement of Revenue and Expenses, continued
  • Incorrect presentation of revenues and expenses

  • Presented in the wrong categories
  • Recognized in the wrong period (e.g.,
    inconsistent recognition of receivables and
    payables)
  • Recorded using the wrong object code (e.g., game
    guarantees)
  • General ledger does not agree to support or
    subledger (e.g., ticket sales)

4
Internal Control
  • Policies and procedures are not followed or are
    non-existent in certain areas
  • Cash handling and receivables monitoring
  • Travel (e.g., documentation of pre-approval for
    travel with spouse not obtained or retained)
  • Non-cash sponsorship recognition
  • Purchasing approval (should be in accordance with
    Regents Rules and Regulations)

5
Internal Control, continued
  • Policies and procedures are not followed or are
    non-existent in certain areas, continued
  • Camp records maintenance
  • Ticket sales (should include all
    revenue-generating sports)
  • Outside organization identification
  • Indirect cost allocation methodology

6
Internal Control, continued
  • Reconciliations are not performed or are not
    current
  • Gifts recorded by Athletics and those recorded by
    Development
  • Ticket sales recorded in the general ledger with
    those recorded in the subledger
  • Cash advances with supporting documentation
  • Inadequate segregation of duties (mail opened by
    one staff instead of two)

7
Other Considerations
  • Other financial information submitted to NCAA
    (EADA) should be consistent with information
    reported on SRE. Variances should be
    documented.
  • Disclosures should be made regarding capital
    expenditures and significant donations. Consider
    additional disclosures for significant
    estimates.
  • Someone besides preparer of SRE and footnotes
    should review these prior to delivery to us.
    Consider having Business Office review.

8
NCAA Agreed-Upon Procedures Update Conclusion
and Takeaways
9
New NCAA procedures guide sets forth new
requirements
  • Revised SRE and footnote disclosures - Outside
    organizations should be included
  • - Indirect costs should be allocated
  • - Capital expenditures should be disclosed

10
New NCAA procedures guide sets forth new
requirements, continued
  • New audit procedures
  • More Prepared by Client (PBC) requests
  • Change in timing of our procedures
  • Earlier submission of report to institution
    presidents

11
Going Forward. . . .
  • Read the new NCAA procedures guide
  • Coordinate timing of interim and year-end audit
    procedures with us
  • Read PBC schedule request and determine how to
    obtain information requested (e.g., indirect cost
    allocations capital expenditures outside
    organizations)
  • Compare new SRE with prior year and determine
    changes required and how information will be
    gathered

12
Going Forward. . . .
  • Draft footnotes early and have our office review
    them at interim
  • Review common pitfalls and ensure these are
    addressed
  • At year-end, compare financial information
    submitted to NCAA to ensure consistency with SRE.
    Document reasons for variances
  • Call us with questions and concerns

13
NCAA Agreed-Upon Procedures Update Questions o
r Concerns?
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