The Northern Marianas College was issued a \u201cclean bill of health\u201d by an independent auditor that conducted the institution\u2019s audit for fiscal year 2010\u2014a first for the college in many years.<\/p>\n
Citing a final audit report that will be released soon, Roger Madriaga told the Board of Regents that this latest audit will indicate that NMC is on the right track and direction when it comes to handling its finances and resources.<\/p>\n
Fiscal year 2010 covers Oct. 1, 2009 to Sept. 30, 2010.<\/p>\n
Madriaga, the college\u2019s chief financial and administrative officer, said the draft audit report shows 13 findings, 22 conditions, and $680,000 questionable costs.<\/p>\n
Following discussion of these findings with the auditor and submission of certain documents incorporating detailed explanations, the independent auditor was convinced and accepted NMC\u2019s justifications in identified cases.<\/p>\n
\u201cFrom the $680,000 questioned cost for fiscal year 2010 audit report, we managed to lower it down to $35,000 questioned cost,\u201d Madriaga told Saipan Tribune. This is a 6 percent reduction from the original questioned cost. <\/p>\n
Madriaga said the original $680,000 questioned cost involved \u201ccertain major programs\u201d of the college. He refused to elaborate.<\/p>\n
An audit report is composed of two elements: the financial statements and internal control and compliance. The findings, conditions, and questionable amounts are incorporated in the financial statements portion of the audit report.<\/p>\n
Madriaga reported that for the first time in many years, NMC\u2019s audit for 2010 indicated \u201cno material weaknesses\u201d or no \u201csignificant deficiencies.\u201d He labeled these results as \u201cclean findings.\u201d <\/p>\n
Regent William Torres pointed out that NMC\u2019s fiscal year 2009 audit report had $433,000 in \u201cunresolved cost.\u201d Madriaga explained, however, that this amount was the \u201caccumulative\u201d questioned cost incurred by the college for many years, including that for fiscal year 2009.<\/p>\n
The board then voted to adopt the final copy of the fiscal year 2010 audit report. Copies will be submitted to the Office of the Public Auditor, which will make the record public. <\/p>\n
The regents lauded the efforts of NMC management for working with the independent auditing firm to complete last fiscal year\u2019s audit report.<\/p>\n
NMC has two funding sources for its operations and personnel: from local appropriation and from students\u2019 tuition and fee revenues.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Northern Marianas College was issued a \u201cclean bill of health\u201d by an independent auditor that conducted the institution\u2019s audit for fiscal year 2010\u2014a first for the college in many years.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-153573","post","type-post","status-publish","format-standard","hentry","category-local-news"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/153573","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=153573"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/153573\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=153573"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=153573"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=153573"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}