Alberta Auditor General Doug Wylie said Keyano College failed in its financial reporting.
This is the third year Keyano didn’t make the grade when it comes to providing accurate statements.
In his report for post-secondary institutions for 2018, Wylie said the college board of governors must hold management accountable.
“Keyano College still must make significant improvements in its financial reporting processes. Our audit continues to find material differences in the college’s draft financial reporting.”
Communications coordinator, Greg Bennett said that since the report, Keyano has made changes.
“Since the summer of 2018, College Administration has increased resourcing in Financial Services and strategically hired into senior leadership roles to address financial reporting challenges.”
Furthermore, Bennett added Keyano’s updated policies and procedures put them in prime position for 2019.
The emphasis is on accurate statements with improved oversight, Bennett said.
Along with internal checks, the college should produce better consolidated financial statements.
Bennett expects Keyano to meet Wylie’s requirements by the next business cycle.
“We acknowledge the deficiencies addressed in the report and are diligently working to comply with the Auditor General’s recommendations. College Administration is encouraged that no new recommendations were made by the Office of the Auditor General of Alberta.”
Keyano’s administration said they would continue collaborating with the Ministry of Advanced Education and Alberta’s Auditor General.
Wylie stated there are consequences if mismanagement of financial and non-financial information continues.
“Recommendations not implemented promptly would erode the effectiveness of the institution’s control environment.”