Alberta’s Auditor General has released a report card on financial controls at post-secondary institutions in the province.
Merwan Saher released the report Monday. In it, Saher lists five schools in Alberta that lack basic financial controls.
Grant MacEwan University, NorQuest College, Alberta College of Art and Design, Northern Lakes College and Olds College all got a failing grade.
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Saher says a lack of financial control increases the risk of fraud going undetected. He says it also impairs the quality of information management and the board use in decision making.
He also lists four institutions that have effective financial controls. The University of Alberta, NAIT, SAIT and the University of Lethbridge all passed the bar when it came to money management.
Saher also noted that Grande Prairie Regional College has significantly improved its processes and internal controls over the past two years.
He says these post-secondary institutions spend approximately $4.5 billion every year.
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