Office of the Legislative Auditor - Financial Audit Division

Report Summary

Financial-Related Audit Report

Alexandria Technical College

Period from July 1, 1996, through December 31, 1999

Alexandria Technical College operated within available financial resources and generally in compliance with applicable legal provisions and management's authorization. The college's internal controls provided reasonable assurance that it maintained an appropriate relationship with its foundation and complied with applicable legal provisions regarding local bank accounts. However, we identified some internal control weaknesses.

Key Findings:

• The college did not adequately monitor computer security clearances.
• The college did not retain documentation necessary to verify certain financial activity.
• The college did not perform key reconciliations for certain accounts.
• The college did not adequately safeguard cash.
• The college did not adequately separate duties related to revenue.
• The college did not adequately control its customized training receipts.
• The college did not adequately document tuition adjustments.
• The college did not obtain written compensation agreements with customized training instructors.

Alexandria Technical 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, and purchased goods and services 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.