“What this comes down to is that the college is continuously improving its management of its finances and its internal control measures, and we are glad that the reduced number of audit findings and questioned costs reflect this effort,” she said.
She said they will continue to ensure that the college responds to the identified audit findings in a comprehensive and timely manner.
For the first time in many years, NMC’s independently prepared audit identified no material weaknesses, significant deficiencies or material noncompliance with the college’s financial statement.
This was according to the recent report of NMC’s chief financial and administrative officer Rogelio Madriaga to the board of regents in.
Madriaga also reported that the draft internal control and compliance report prepared by the auditing firm contained 13 findings, 22 conditions, and questioned costs totaling $682,888.
However, after working with the college’s finance and procurement office team to clarify some issues, Madriaga said the final report contained only eight findings, nine conditions, and a total questioned costs of $35,809.
He said there’s a decrease of about 95 percent in questioned costs from the original draft.
NMC recently reported that it received an “unqualified opinion” on its 2010 financial statements, which makes this the fourth consecutive year that it has received such an opinion.
An unqualified opinion means that the financial statements presented fairly, in all material aspects, the financial position of NMC as of Sept. 30, 2010, and conformed with accounting principles generally accepted in the U.S.
A copy of NMC’s financial audit, prepared by Deloitte & Touche, will be transmitted to the Office of the Public Auditor.
Copies of the audit can be downloaded from the OPA website, www.opacnmi.com.
