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NMC receives clean audit report for 10th consecutive year (June 16, 2017)

(NMC) — For the tenth consecutive year, Northern Marianas College has received a favorable audit opinion — an unqualified opinion — on its financial statements. The college has also received an unqualified auditor’s opinion on its internal control and compliance report. Additionally, there were neither audit findings nor questioned costs for the second consecutive year.

An unqualified opinion means that the financial statements present fairly, in all material aspects, the financial position of Northern Marianas College as of Sept. 30, 2016, in accordance with accounting principles generally accepted in the United States.

“The tenth clean audit opinion reflects the college’s longstanding commitment to excellent financial management and rigorous internal controls,” said NMC President Dr. Carmen Fernandez.

The college had also been designated as a “low risk” auditee by its independent auditors. This designation means less administrative burden for the institution in applying for and administering grants, fewer audit requirements, and higher confidence in the institution by federal agencies and the community.

“I would like to commend NMC’s Finance Department, the Procurement and Property Management Office, and other employees for maintaining the highest standards in managing the College’s finances and assets,” added Fernandez.

According to NMC’s chief financial officer Andrew Reese, the college’s independent audit identified no material weaknesses, significant deficiencies, or material noncompliance with the

college’s financial statements.

He also reported that the independent auditor’s reports on internal control and compliance contained zero findings.

A copy of NMC’s financial audit, prepared by Burger Comer Magliari, has been transmitted to the Office of the Public Auditor and will be made available for download at NMC’s website www.marianas.edu.



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