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NMC Receives Clean Audit Report for 8th Consecutive Year (June 30, 2015)

For the eighth consecutive year, the Northern Marianas College has received a favorable audit opinion – an unqualified opinion – on its financial statements. The College has also received for the second time an unqualified auditor’s opinion on its internal control and compliance report.

An unqualified opinion means that the financial statements present fairly, in all material aspects, the financial position of the Northern Marianas College as of September 30, 2014, and conform with accounting principles generally accepted in the United States of America.

According NMC’s Chief Financial Officer Tracy Guerrero, the College’s independently-prepared audit identified no material weaknesses, significant deficiencies, or material noncompliance with the College’s financial statements. She also reported that the internal control and compliance report that was prepared by the auditing firm contained only three findings and no questioned costs or material weaknesses. The audit findings centered around NMC’s travel procedures.

According to Guerrero, the College has already taken corrective action to resolve these findings. The correction was partially completed on March 15, 2015 with the implementation of the College’s new travel procedures. Additional revisions to the College’s procedures will be completed in order to further strengthen the new travel procedures. Guerrero also added the single audit finding identified in last year’s audit has been fully resolved.

“That the institution received its eighth consecutive, clean bill of fiscal health demonstrates the College’s continued commitment to the efficient and prudent management of its resources,” said NMC President Dr. Sharon Y. Hart.​ A copy of NMC’s financial audit, prepared by Burger Comer Magliari (BCM), has been transmitted to the Office of the Public Auditor.

“We commend the diligent staff at the Finance Department, as well as other employees at the College, for working to ensure that our finances are well-managed,” added President Hart.

“The board is extremely pleased with the hard work of the College’s staff and management in ensuring that the College continues to remain fiscally responsible, efficient, and accountable to its students, to government leaders, and to the community,” said Juan Lizama, Chairman of the NMC Board of Regents.



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