Office of the Legislative Auditor - Financial Audit Division

Report Summary

Century College

July 1, 1998, through June 30, 2001

Overall Audit Conclusion:

Century College made significant improvements in its financial management practices since our last audit. The college implemented recommendations relating to all 12 findings included in our 1999 report. Century College's budgetary controls provided reasonable assurance that it operated within available resources. Except as noted below, the college's internal controls provided reasonable assurance that assets were safeguarded, and financial activities were properly recorded in the accounting system and complied with applicable legal provisions.

Key Finding and Recommendation:

• Century College did not properly document and review bookstore voided receipt transactions. To help ensure that errors and irregularities are detected, the college should require that all voids be properly documented and independently reviewed by an appropriate supervisor.

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