Financial-Related Audit Report
Lake Superior College operated within available financial resources and generally complied with applicable legal provisions and management's authorization. The college made significant improvements in its financial management since our last audit report was issued. However, we found the following internal control weaknesses impacting the safeguarding of assets and recording of financial activities in the college's accounting systems:
Lake Superior College is part of the Minnesota State Colleges and Universities (MnSCU) System. This financial-related audit report represents the conclusions of our audit of the college's tuition and fees, payroll, bookstore operations, private grants, and other operating expenditures for the period July 1, 1996, through December 31, 1999. We also reviewed the college's internal controls over compliance with federal student financial aid for fiscal year 2000. The college's response is included in the report.