Summary
This report compiles the status of recommendations from our 2024 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 2023 and 2022 audits.
Preparation of Financial Statements
We issued clean (unqualified) audit opinions on the 2024 financial statements of 20 post-secondary institutions. Strong financial reporting processes and internal controls result in timely information that users of the financial statements can rely on. Institutions can also better respond to unexpected events and report results analyses of their performance.
Outstanding recommendations
Four other institutions have a total of 10 previous outstanding recommendations.
Implemented recommendations
Medicine Hat College and the University of the Arts implemented their outstanding recommendations related to testing and monitoring of internal controls. The institutions implemented processes to assess risks, test financial reporting controls and report results to the board. Lakeland College and Northwestern Polytechnic improved their controls over information technology environment and access. Lakeland College implemented processes to remove access for terminated employees promptly. Northwestern Polytechnic improved processes for disaster recovery and physical security of data centres.
One new recommendation
We issued a new recommendation to Bow Valley College to improve its purchasing policy and consistently apply it to all contracts. We found the existing purchasing policy lacked important elements to support sole-sourcing decisions and conflict-of-interest assessments were not consistently applied.