Financial Audit Reports
Indiana University aims to incorporate computer-assisted audit tools and techniques (CAATs) in ensuring the accuracy of its financial statements. This normally includes using basic office productivity software such as spreadsheet, word processors and text editing programs and sometimes more advanced software packages involving use of statistical analysis and business intelligence tools. Programs are therefore continuously being developed to help campus administrators and fiscal auditors in internally analyzing the accuracy of their entity's financial statements. Two such reports recently developed include the Multi-Year Stale Balance and Account Negative Balance Report.
Multi-Year Stale Balance Report - This report is used to highlight balance sheet object codes that have remained the same over the years. These balances are either stale and need to be adjusted or are as a result of a recurring transaction whereby no further adjustments are necessary. Careful analysis of the object codes by the fiscal officer or campus administrator is necessary in dealing with these.
Account Negative Balance Report - This report highlights all balance sheet object code balances with a balance that is not normal to their natural balance. This means any asset object code balance that is a credit (negative) or liability object code that is a debit (positive), will be reported. Users will have to accomodate for contra accounts at their descretion. For more information on Account Negative Balance Report and contra object codes, please read this section.