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Audit of the Quinsigamond Community College Foundation Objectives, Scope, and Methodology

An overview of the purpose and process of auditing the Quinsigamond Community College Foundation.

Table of Contents

Overview

In accordance with Section 12 of Chapter 11 of the Massachusetts General Laws, the Office of the State Auditor has conducted a performance audit of certain activities of the Quinsigamond Community College Foundation for the period July 1, 2017 through June 30, 2019.

We conducted this performance audit in accordance with generally accepted government auditing standards. Those standards require that we plan and perform the audit to obtain sufficient, appropriate evidence to provide a reasonable basis for our findings and conclusions based on our audit objectives. We believe that the evidence obtained provides a reasonable basis for our findings and conclusions based on our audit objectives.

Below is our audit objective, indicating the question we intended our audit to answer and the conclusion we reached regarding the objective.

Objective

Conclusion

  1. Are the expenditures that the foundation makes properly documented and consistent with applicable policies and procedures?

Yes

 

To achieve our objective, we gained an understanding of the foundation’s internal control environment related to our audit objective by reviewing applicable bylaws, fiscal policies, and procedures, as well as conducting inquiries with management. We also evaluated the design and effectiveness of controls over check signatures.

Additionally, we performed the following procedures:

  • To determine whether accounts payable checks issued by the foundation were properly documented and consistent with its fiscal procedures, we reviewed all 143 payments made during the audit period. For each payment, we noted that the expenditure supported the college’s mission and that invoices were approved by the appropriate authorized individuals.
  • To verify that all payments issued directly to Quinsigamond Community College were reviewed and authorized by the foundation’s board of directors, we traced all payments to the college to the relevant board meeting minutes, noting board review and authorization vote.

Data Reliability

To test the accuracy of the data on the detailed posted transaction list, we traced all expenditures on the list to the bank statement, ensuring accuracy of check numbers and dollar amounts. Subsequently, to ensure completeness of the data, we traced all expenditures on bank statements back to the detailed posted transaction list for agreement. Based on our procedure, we determined that the data obtained from the QuickBooks system were sufficiently reliable for the purposes of this report.

Conclusion

Our audit revealed no significant instances of noncompliance that must be reported under generally accepted government auditing standards.

Date published: April 29, 2020
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