Minnesota Office of the Legislative Auditor
Financial Audit Division

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Report Summary


Financial-Related Audit

Central Lakes College

July 1, 1998, through June 30, 2001


Overall Conclusions:

Central Lakes College has strong financial management practices. The college operated within its available resources and complied with material finance-related legal provisions. However, the following internal control weakness could affect the college's ability to safeguard assets and correctly record financial activity in its accounting systems.

Key Finding and Recommendation:

  • The college did not independently verify payroll transactions entered into the payroll system. This review should verify the input accuracy of hours and special transactions and ensure that any errors are timely detected and corrected. We recommended that the college develop procedures to provide for an independent verification of payroll transactions processed in the state's payroll system.

Background:

Central Lakes College is part of the Minnesota State Colleges and Universities (MnSCU) system. This financial-related audit report focused on financial management, tuition and fees, payroll, administrative expenditures, and bookstore operations for the period from July 1, 1998, through June 30, 2001.

More Information

Office of the Legislative Auditor ♦ Room 140, 658 Cedar St., St. Paul, MN 55155