Why a report card
To govern effectively, boards need accurate and timely financial information throughout the year, not just at year-end. To manage effectively, management needs the same information.
We see a direct correlation between a strong year-end process to prepare financial statements and the ability to prepare quality financial information throughout the year. Strong, sustainable processes improve management’s decision-making ability and provide opportunities to use results analysis to communicate to Albertans the institution’s performance and accountability for results.
Consistent with our previous reporting on post-secondary institutions, we completed a 2017 update on the report card on internal controls over financial reporting, together with comparative assessments from the past two years’ audits of colleges, technical institutes, MacEwan University and Mount Royal University.
What we concluded
Most of Alberta’s post-secondary institutions continue to build sustainable internal controls and processes to promptly prepare reliable financial reporting.
Post-secondary institutions where improvements are needed in relation to accuracy, timeliness and outstanding recommendation for internal controls and processes over financial reporting include:
- Keyano College (accuracy; timeliness; outstanding recommendations)
- Alberta College of Art + Design (accuracy)
- MacEwan University (outstanding recommendations)
- Northern Lakes College (accuracy)