FOR the 17th year in a row, Northern Marianas College has received a favorable or unqualified audit opinion for fiscal year 2023 from Burger, Comer & Associates, an independent auditing and accounting firm. The audit identified no material weaknesses or significant deficiencies with the college’s financial statements.
An unqualified opinion means that the financial statements present fairly, in all material aspects, the financial position of NMC, and conform with accounting principles generally accepted in the U.S.
For FY 2023, the independent auditor’s report on NMC’s internal control and compliance contained zero audit findings.
“This remarkable achievement is a testament to the college’s unwavering commitment to financial integrity, transparency, and accountability,” said NMC President Dr. Galvin Deleon Guerrero. “Securing a favorable audit opinion for nearly two decades reflects the hard work and dedication of every single member of our team, underscoring our diligent efforts to truly take care of our resources and ensuring the highest standards of fiscal responsibility.”
In addition, the audit reported that NMC continues to be designated as a “low risk” auditee. This designation means less administrative burden for NMC when applying for and administering grants; fewer audit requirements; and higher confidence in the college on the part of federal agencies and the community.
There were no unresolved audit findings and questioned costs from the prior year audits of the college.
“NMC is devoted to growing a culture of compliance and that the institution as a whole is committed to internal control procedures that have been established over the years,” Deleon Guerrero said. “I commend our finance team and all our employees for maintaining our consistent track record of strong financial health, while reinforcing the trust and confidence that our elected officials, students, alumni, and partners place in us to be a true beacon of hope for the Commonwealth, despite these challenging times.”
