A Report on the Audit of Texas A&M University - San Antonio's Fiscal Year 2010 Financial Statements
July 2011
Report Number 11-032
Overall Conclusion
In our audit report dated June 10, 2011, we concluded that Texas A&M University - San Antonio's (University) basic financial statements for fiscal year 2010 were materially correct and presented in accordance with accounting principles generally accepted in the United States of America. The University published our audit report as part of its basic financial statements, which it intends to post on its Web site at www.tamusa.tamus.edu.
We also issued a report on internal control over financial reporting and on compliance and other matters as required by auditing standards. In that report, auditors identified the following significant deficiencies:
- The University's initial calculation of tuition discounts and allowances and grant amounts was inaccurate because it was not based on the related student activity that occurred during fiscal year 2010. After auditors brought this matter to the University's attention, it corrected this error.
- The University's journal entry process did not include a supervisory review of all journal vouchers. This represents a significant deficiency in the University's control structure because it could allow for the direct entry of material errors that could go undetected.