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NMC Receives Favorable Audit Opinion for 7th Consecutive Year (July 28, 2014)

For the seventh consecutive year, the Northern Marianas College has received a favorable audit opinion – an unqualified opinion – on its financial statements for Fiscal Year 2013.

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, 2013, 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 added that no audit findings on NMC’s financial statements were identified. The audit report did not raise any questioned costs either.

With regard to the internal controls over major programs, the audit firm reported one audit finding, which is the fewest number of findings the College has ever received. This audit finding centered on NMC’s Student Academic Progress and Reinstatement procedures and the eligibility requirements pursuant to the Student Financial Assistance Programs Cluster.

According to Guerrero, the College has already taken corrective action to resolve this finding. The correction was completed on June 4, 2014.

Guerrero also added the two audit findings that were identified in last year’s audit have been fully resolved.

“This year’s financial audit demonstrates the College’s commitment to being efficient and prudent with the resources that are entrusted to us,” said NMC President Dr. Sharon Y. Hart.​

A copy of NMC’s financial audit, prepared by J. Scott Magliari and Company, has been transmitted to the Office of the Public Auditor.

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

In previous years, the College noted that audit firm Deloitte and Touche representatives indicated that NMC is one of the most financially compliant and stable government entities in the CNMI and the region.



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