|Financial Audit Division Report 05-36||Released June 24, 2005|
The Minnesota State Colleges and Universities (MnSCU) designed and implemented many controls over its financial reporting system to ensure the accuracy and completeness of its annual financial statements. However, MnSCU could strengthen some controls to improve the efficiency of its financial reporting process and to better limit access to the financial reporting system and data.
MnSCU’s financial reporting system:
This information technology audit assessed the adequacy of specific controls in MnSCU’s computerized financial reporting system. MnSCU implemented a financial reporting system to assist with preparing consolidated and individual financial reports for its colleges and universities.
For the fiscal year ending June 30, 2004, MnSCU published a consolidated financial report for its 32 institutions. It also issued separate financial reports for 12 institutions. External audits of these financial reports resulted in unqualified audit opinions.