The sunset review, released Aug.
The sunset review, released Aug.
26, examined whether ABOR conducted quarterly financial status updates and annual business process reviews of Arizona State University, Northern Arizona University and the University of Arizona.
The audit also reviewed how ABOR administered scholarship programs and responded to 10 statutory sunset factors.
ABOR revised its financial oversight policies to require quarterly university financial status updates following the University of Arizona's nearly $177 million fiscal year 2024 budget shortfall.
However, the board did not consistently or fully implement some policy requirements, including not requiring the universities to report their actual cash on hand.
The audit also found ABOR is responsible for collecting repayments from Arizona Teachers Academy scholarship recipients who fail to meet statutory program requirements.
During the audit, ABOR initiated revisions to its financial oversight policy to reflect its current quarterly financial status update practices.
The board also developed a process for escalating defaulted scholarship repayments to the Arizona Attorney General's Office for collections.
ABOR agreed with all the findings and plans to implement all the recommendations, according to the audit.
The Auditor General's Office will follow up with ABOR in six months to assess its progress in implementing the recommendations.