Alberta post-secondary schools urged to improve financial reporting

April 15, 2010

In a report released Wednesday, Alberta's auditor general recommends all of the province's post-secondary institutions improve financial reporting and internal control systems, and preserve endowment assets. The report recommends Alberta's advanced education ministry work with institutions to identify best practices and develop guidance for effective enterprise risk management systems. The report raises concerns over bookstore operations at several schools, including Grant MacEwan University, where a forensic accounting investigation uncovered $97,000 in suspected fraud related to petty cash, cash floats, and refunds using debit card machines. Following up on alleged fraud at Bow Valley College, the report says the school has done a very good job in dealing with this issue. Office of the Auditor General of Alberta News Release | Calgary Herald | Edmonton Journal | Read the report