Summary
This report compiles the status of recommendations from our 2025 financial statement audits of 20 post-secondary institutions. It also includes a report card on each institution’s financial reporting processes and internal controls with comparative assessments from our 2024 and 2023 audits.
Preparation of Financial Statements
We issued clean (unqualified) audit opinions on the 2025 financial statements of 20 post-secondary institutions. Strong financial reporting processes and internal controls provide timely, reliable information for users of the financial statements. These processes also help institutions respond to unexpected events and report analyses of their performance.
Outstanding Recommendations
We issued no new recommendations during the year. Three institutions have a total of seven outstanding recommendations.
Implemented recommendations
The report includes four implemented recommendations. Lakeland College improved its processes around risk management and monitoring of cloud services. Northwestern Polytechnic improved consistent applications of its procurement and contracting processes. Olds College implemented processes to regularly reconcile its cash accounts and promptly investigate unreconciling items.