Since our last audit, Metropolitan State University has made significant improvements to its financial operations. In addition to implementing eleven of twelve prior audit recommendations, we noted that overall the university complied with applicable legal provisions, and its internal controls provided reasonable assurance that assets were safeguarded and financial activities were properly recorded. In addition, Metropolitan State University's budgetary controls provided reasonable assurance that it operated within its available financial resources. However, the university had certain internal control weaknesses that impacted the safeguarding of assets and the recording of financial activities in the accounting records.Key Findings and Recommendations:
Metropolitan State University 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, 1999, through June 30, 2001.