Positive news for Olds College from Alberta’s auditor general

“In addition, Olds College continues to improve its financial reporting processes. College management prepared more accurate and timely financial reporting,” a release states.

“All other 19 institutions we audit continue to sustain adequate processes to promptly prepare accurate financial statements. We have not identified significant weaknesses in preparing accurate and timely financial reporting at 16 of the institutions over the past three years.”

In a statement to rdnewsNOW, Olds College says it is happy with the latest findings.

“Olds College received several audit recommendations in previous years for improving its financial processes and systems,” the institution says.

“We are pleased that the auditor general’s report reflects the efforts and progress we are making, not only in implementing these improvements, but also in ensuring they become sustainable systemic practices for the college.”

In the report, noted recommendations for Olds College included improving processes for recording portfolio investments; improving processes to account for conditional funding; regularly reconciling cash accounts and investigating differences promptly; regularly monitoring the condition of tangible capital assets; improving financial reporting processes; and implementing processes for testing and monitoring the effectiveness of internal controls.

This report, and two others from the AG, were tabled in the Legislative Assembly on April 23.

by Josh Hall

Positive news for Olds College from Alberta’s auditor general

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