By Troy Gillard

room for improvement

Olds College needs to beef up financial reporting process: Auditor General

Dec 19, 2019 | 3:50 PM

Alberta’s Auditor General says Olds College needs to improve its processes to sustain accurate and timely financial reporting to Albertans.

“Olds College has processes to prepare accurate financial statements promptly after year-end, however we observed where certain accounting and disclosure areas should be improved,” Doug Wylie said in a report released on Thursday.

Wylie also identified Olds College as one of six institutions that need to improve processes to monitor and annually test their financial management internal controls and processes.

“Without effective controls, institutions increase exposure to financial errors, financial loss, and reputational damage,” he said.

Wylie did note that Olds College was one of four institutions that implemented previous recommendations for improved access controls to its information systems.

Prevention, Access, Recovery, and Coordination

Safe Harbour officially hands over shelter keys, establishes accessible navigation hub

10h ago

lacombe and sylvan lake

December 2025 (un)employment data released for Alberta sub-regions

11h ago

21 years with WCPS

Darcy Blum appointed principal of Lacombe Outreach School

12h ago

In all, 18 of the 20 institutions audited, including Red Deer College, were found to have effective processes to prepare accurate and timely financial statements for their stakeholders and decision-makers.

The full “Report on Post-secondary Institutions 2019” is available at www.oag.ab.ca.