For the 14th consecutive year, the Northern Marianas College received a favorable audit opinion on its financial statements, this time for fiscal year 2020. The independent audit was prepared by the accounting firm Burger Comer Magliari.<\/p>\n
In an email to Saipan Tribune yesterday, NMC said there were no unresolved audit findings and questioned costs from previous audits of the college, and added that NMC continues to be designated as a \u201clow risk\u201d auditee by independent auditors. <\/p>\n
NMC said the \u201clow risk\u201d designation \u201cmeans 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.\u201d<\/p>\n
Additionally, Burger Comer Magliari found no material weaknesses and no questioned costs. According to an online definition, a material weakness is reported by an auditor when one or more of a company\u2019s activities, rules, and processes designed to prevent inaccuracies in financial reporting and improve efficiency are ineffective. <\/p>\n
Also according to an online definition, a \u201cquestioned cost\u201d is reported by an auditor when an expenditure appears to violate a provision of a law, regulation, contract, grant, cooperative agreement, or other agreement or document governing the expenditure of funds.<\/p>\n
Burger Comer Magliari, however, reported findings related to the timely processing of employees\u2019 contract renewal paperwork. NMC said yesterday that it has since \u201cidentified action items to address these findings and will continue to strengthen its procedures to avoid delays in processing the documents for these renewals.\u201d <\/p>\n
NMC\u2019s email included comments on the audit from NMC president Dr. Galvin Deleon Guerrero, who lauded the college\u2019s Finance Office and other departments for \u201ctheir diligence and strict adherence to internal controls and sound financial management.\u201d <\/p>\n
The email also said that, according to NMC chief financial officer David Attao, recommendations were made by the independent auditors to help improve NMC\u2019s finance and procurement procedures. Regarding these recommendations, NMC said it is \u201ccommitted to and has taken appropriate measures for continuous improvement.\u201d <\/p>\n
A copy of NMC\u2019s financial audit has been transmitted to the Office of the Public Auditor and all other required entities. <\/p>\n","protected":false},"excerpt":{"rendered":"
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