More than nine months behind schedule, the state of Iowa has released its Comprehensive Annual Financial Report for the fiscal year that ended on June 30, 2020. The report was posted to the Iowa Department of Administrative Services website on October 5.
Under normal circumstances, the state would have published this report in late December 2020. However, Iowa State University has had significant accounting problems since switching to the Workday computer system for financials at the beginning of the 2020 fiscal year. State government entities typically submit their fiscal year-end financials to the state by October 1, but ISU was still sending supplemental pieces six months later.
Deputy State Auditor Marlys Gaston told the Iowa Board of Regents last month that state auditors anticipated sending an internal control letter to ISU regarding misstatements or erroneous information in some of the university’s financial statements.
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