For the eighth consecutive year, the Northern Marianas College has received a favorable audit opinion\u2014an unqualified opinion\u2014on its financial statements. The college has also received for the second time an unqualified auditor\u2019s opinion on its internal control and compliance report.<\/p>\n
An unqualified opinion means that the financial statements present fairly, in all material aspects, the financial position of the Northern Marianas College as of Sept. 30, 2014, and conform with accounting principles generally accepted in the United States of America.<\/p>\n
According to NMC chief financial officer Tracy Guerrero, the college\u2019s independently prepared audit identified no material weaknesses, significant deficiencies, or material noncompliance with the College\u2019s financial statements.<\/p>\n
She also reported that the internal control and compliance report that was prepared by the auditing firm contained only three findings and no questioned costs or material weaknesses. The audit findings centered around NMC\u2019s travel procedures.<\/p>\n
According to Guerrero, the college has already taken corrective action to resolve these findings. The correction was partially completed on March 15, 2015 with the implementation of the college\u2019s new travel procedures. Additional revisions to the College\u2019s procedures will be completed in order to further strengthen the new travel procedures.<\/p>\n
Guerrero also added the single audit finding identified in last year\u2019s audit has been fully resolved.<\/p>\n
\u201cThat the institution received its eighth consecutive, clean bill of fiscal health demonstrates the college\u2019s continued commitment to the efficient and prudent management of its resources,\u201d said NMC president Dr. Sharon Y. Hart.\u200b<\/p>\n
A copy of NMC\u2019s financial audit, prepared by Burger Comer Magliari (BCM), has been transmitted to the Office of the Public Auditor.<\/p>\n
\u201cWe commend the diligent staff at the Finance Department, as well as other employees at the College, for working to ensure that our finances are well-managed,\u201d added president Hart.<\/p>\n
\u201cThe board is extremely pleased with the hard work of the college\u2019s staff and management in ensuring that the college continues to remain fiscally responsible, efficient, and accountable to its students, to government leaders, and to the community,\u201d said Juan Lizama, chairman of the NMC Board of Regents. (NMC)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" For the eighth consecutive year, the Northern Marianas College has received a favorable audit opinion\u2014an…<\/p>\n","protected":false},"author":28,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[2603,69,262,122],"class_list":["post-205391","post","type-post","status-publish","format-standard","hentry","category-local-news","tag-juan-lizama","tag-nmc","tag-northern-marianas-college","tag-travel"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/205391","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\/28"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=205391"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/205391\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=205391"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=205391"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=205391"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}