The Northern Marianas College 2016 financial audit has been released by the Office of the Public Auditor last June 22, 2017.
Burger, Comer and Magliari accounting firm conducted the independent audit. The report was released to the public consistent with transparency and accountability in government.
According to the report, NMC prepared and fairly presented its financial statements and supplemental information in accordance with accounting principles accepted in the U.S.
This procedure includes the design, implementation, and maintenance of internal control of documents relevant to the preparation and fair presentation of financial statements that are free from material misstatement due to error or fraud.
For its part, Burger, Comer and Magliari’s audit involved performing procedures to obtain audit evidence about the amounts and disclosures in the financial statement. The audit included evaluation of the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
Burger, Comer and Magliari’s audit report findings state that the financial statements of NMC were presented fairly and all financial position and cash flows ended in accordance with accounting principles generally accepted in the Unites States.
The results of the tests disclosed no instances of noncompliance or other matters that are required to be reported under government auditing standards.