Report finds 5 Alberta PSE institutions lack basic financial controls

March 13, 2012

Alberta's auditor general states in a new report that the Alberta College of Art + Design, Grant MacEwan University, Northern Lakes College, NorQuest College, and Olds College each provided 2011 financial statements that had inaccuracies or were not timely. Some of the institutions continue to record a lack of financial controls that put them at risk of mismanaged funds, poor budgeting, and even fraud. The report's 15 recommendations range from enhancing "risk management systems" and "financial business processes" to properly securing computer servers and better managing donations and contracts. The auditor general says he feel confident the 5 institutions will fix their accounting issues within the year. Officials with these schools say they have made changes according to past concerns and have accepted the new recommendations. The report also cites NAIT, SAIT Polytechnic, and the Universities of Alberta and Lethbridge as having effective control environments. Grande Prairie Regional College has made significant improvements to its processes and internal controls over the past 2 years. Both Lethbridge College and Mount Royal University showed no significant problems. Auditor General of Alberta News Release | Calgary Herald | Edmonton Journal | Recommendations Summary | Full Report