For the 10th consecutive year, the Northern Marianas College has received a favorable audit opinion\u2014an unqualified opinion\u2014on its financial statements. The college has also received an unqualified auditor\u2019s opinion on its internal control and compliance report. Additionally, there were neither audit findings nor questioned costs for the second consecutive year.<\/p>\n
An unqualified opinion means that the financial statements present fairly, in all material aspects, the financial position of NMC as of Sept. 30, 2016, in accordance with accounting principles generally accepted in the U.S.<\/p>\n
\u201cThe 10th clean audit opinion reflects the college\u2019s longstanding commitment to excellent financial management and rigorous internal controls,\u201d said NMC president Dr. Carmen Fernandez.<\/p>\n
The college had also been designated as a \u201clow risk\u201d auditee by its independent auditors. This designation means less administrative burden for the institution in applying for and administering grants, fewer audit requirements, and higher confidence in the institution by federal agencies and the community.<\/p>\n
\u201cI would like to commend NMC\u2019s Finance Department, the Procurement and Property Management Office, and other employees for maintaining the highest standards in managing the college\u2019s finances and assets,\u201d added Fernandez.\u00a0<\/p>\n
According to NMC\u2019s chief financial officer Andrew Reese, the college\u2019s independent audit identified no material weaknesses, significant deficiencies, or material noncompliance with the college\u2019s financial statements.<\/p>\n
He also reported that that the independent auditor\u2019s reports on internal control and compliance contained zero findings.<\/p>\n
A copy of NMC\u2019s financial audit, prepared by Burger Comer Magliari, has been transmitted to the Office of the Public Auditor and will be made available for download at NMC\u2019s website www.marianas.edu. (NMC)<\/p>\n
MD: For the tenth straight year, the Northern Marianas College has received a favorable audit <\/p>\n","protected":false},"excerpt":{"rendered":"
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