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3 golden objects Minnesota Legislature

Office of the Legislative Auditor - Financial Audit Division

Report Summary

Financial-Related Audit

Rochester Community and Technical College

July 1, 1997, through June 30, 2000

In general, we found Rochester Community and Technical College to be well managed and fiscally responsible. We found that the college operated within its available resources and complied with material finance-related legal provisions. However, we identified certain internal control weaknesses that could impact on the college's ability to safeguard assets and to correctly record financial activities in its accounting systems.

Key Findings and Recommendations:

  • Rochester Community and Technical College did not adequately control access to its business systems. The college should periodically review system security and limit employee access to the functions needed to complete their job responsibilities.
  • Rochester Community and Technical College did not have an adequate process to document, authorize, and monitor backdated transactions. The college should develop a process to monitor and control backdated transactions. In addition, the college should deposit all tuition and fee collections promptly.
  • Rochester Community and Technical College did not timely draw federal funds to cover Pell Grant disbursements. The college should correct and resubmit the rejected Pell Grant records to obtain federal reimbursement.
Office of the Legislative Auditor, Room 140, 658 Cedar St., St. Paul, MN 55155 : or 651‑296‑4708