Officials at Norfolk State University say that the hiring of outside accounting vendors and aggressive searches for permanent finance staff should soon solve all questions surrounding a recent independent audit of the university.
The Virginian-Pilot today reports on the public disclosure of the efforts, surfacing now after a member of the NSU Board of Visitor’s comments about a two-year review process by tthe Virginia State Auditor of Public Accounts, which in 2011 that a determination of the university’s financials could not be finished due to “material weaknesses” in the university’s financial controls.
The audit problems have dealt with internal processes, such as producing financial statements for audits and management purposes. It does not affect the issuing of paychecks or paying bills, (NSU Board of Vistors Member Thomas) Chewning said.
It’s not a question of cash capability or people not getting paid,” he said. “It’s getting financial statements that tie everything together in the right annual audit way.”
Norfolk State has until June 30 to report back on improvements in its financial systems.