Report on audit, fiscal year 2023, Kennesaw State University, Kennesaw, Georgia : a member institution of the University System of Georgia.

REPORT ON AUDIT FISCAL YEAR 2023
Kennesaw State University
Kennesaw, Georgia
A Member Institution of the University System of Georgia
Greg S. Griffin | State Auditor

Table of Contents
Audit Summary .............................................................................................................................................................................................................. 1
Independent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards.....................................................................................................................................................................2
Kennesaw State University Officials .............................................................................................................................................................4

Audit Summary

We have audited the basic financial statements of the Kennesaw State University (University), a unit of the University System of Georgia, which is an organizational unit of the State of Georgia, as of and for the year ended June 30, 2023, and issued our report thereon, dated December 19, 2023. We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Our Independent Auditor's Report, included in the University's Annual Financial Report, is available on the Georgia Department of Audits and Accounts' website at www.audits.ga.gov and on the University's website at www.kennesaw.edu.

Our audit of the University found:

the financial statements are presented fairly, in all material respects; no internal control over financial reporting findings that require management's
attention;
no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

Summary of Opinions

Opinion Unit Business-Type Activities Discretely Presented Component Unit Fiduciary Activities

Type of Opinion Unmodified Unmodified Unmodified

(Audited by Other Auditors)

1

Greg S. Griffin State Auditor
INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
The Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the Board of Regents of the University System of Georgia
and Dr. Kathy Schwaig, President Kennesaw State University
We have audited the financial statements of the business-type activities, discretely presented component unit, and fiduciary activities of the Kennesaw State University (University), a unit of the University System of Georgia, which is an organizational unit of the State of Georgia, as of and for the year ended June 30, 2023, and the related notes to the financial statements, which collectively comprise the University's basic financial statements, and have issued our report thereon dated December 19, 2023. We conducted our audit in accordance with the auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States.
Our report includes a reference to other auditors who audited the financial statements of the discretely presented component unit, as described in our report on the University's basic financial statements. Those financial statements were audited in accordance with GAAS but not in accordance with Government Auditing Standards. Accordingly, this report does not include reporting on internal control over financial reporting or compliance and other matters associated with that component unit.
Report on Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the University's internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the basic financial statements, but not for the purpose of expressing an opinion on the effectiveness of the University's internal control. Accordingly, we do not express an opinion on the effectiveness of the University's internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the University's financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180

Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that were not identified.
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the University's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the University's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the University's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. Respectfully submitted,
Greg S. Griffin State Auditor
December 19, 2023
3

Kennesaw State University Board of Regents of the University System of Georgia

Doug Aldridge Tom Bradbury Richard "Tim" Evans W. Allen Gudenrath Erin Hames Brbara Rivera Holmes Samuel D. Holmes C. Thomas Hopkins, Jr., MD James M. Hull Cade Joiner

Patrick Jones C. Everett Kennedy, III Sarah-Elizabeth Langford Lowery Houston May Jose R. Perez Neil L. Pruitt, Jr. Harold Reynolds T. Dallas Smith Jim K. Syfan, III

Kennesaw State University Officials
Dr. Kathy Schwaig, President Aaron Howell, VP, Finance and Chief Financial Officer Ryan McLemore, Controller Francine Taylor, Assistant Controller, Financial Reporting

4