Summary
This report includes an update on the post-secondary institutions’ report card on internal controls over financial reporting, together with comparative assessments from our 2017 and 2016 audits of colleges, technical institutes, MacEwan University and Mount Royal University. Our November 2018 report included the results of our audits at Athabasca University, the University of Alberta, the University of Calgary and the University of Lethbridge.
Preparation of Financial Statements
We issued an unqualified audit opinion on the 2018 financial statements of each post-secondary institution.
The majority of Alberta’s post-secondary institutions are able to prepare accurate financial reporting promptly after year-end. Keyano College is making incremental improvements to its financial reporting internal controls and processes. The college, however, continues to lag behind all other institutions in the prompt and accurate preparation of its annual financial reporting. Material adjustments were required to the college’s 2018 financial statements as a result of our audit. All post-secondary institutions with a fiscal year-end of June 30th, except for Keyano, prepared financial reporting by mid-August.
Outstanding Recommendations
We issued one new recommendation to the Southern Alberta Institute of Technology to improve its network user-access control. We found the institute did not consistently remove network access for terminated employees abruptly. Failure to remove terminated employee access increases the risk to the institute of unauthorized access to its systems.
Eight institutions have outstanding recommendations. Of the nine recommendations outstanding, four were issued in February 2016 or earlier. None of the five postsecondary institutions with a fiscal year-end of June 30th implemented their outstanding recommendations in the past year