MnSCU Audit Committee
Review Office of Legislative
Audit Report
September 18, 2007
The Minnesota State Colleges and Universities System is an Equal Opportunity employer and educator.
MnSCU External Audit Plan
• Legislative Auditor examines 20 colleges on a 3year rotation cycle
– Focus on internal controls and
– Fiscal Compliance
– Consultation with Internal Auditing and MnSCU
Finance on audit scope
• Other 5 colleges and 7 state universities subject to
annual CPA audits
Go to Legislative Auditor Presentation Slide 1
Slide ‹#›
Internal Auditing Finding Classifications
• “Critical” findings merit immediate attention and
remedy.
• “Important” findings may develop into serious
problems, but do not show evidence that
immediate adverse consequences exist.
• “Limited Impact” findings indicate problems that
have limited consequences and low risk.
Slide ‹#›
Trend of Audit Findings based on Core Audit Scope
2004 to 2007
Slide ‹#›
Comparative Analysis of Core Audit Findings
By Audited college
Slide ‹#›
2007 Legislative Audit Report Findings
by Audit Scope Area
Slide ‹#›
Critical Audit Findings
• Central Lakes cashiering - Finding 4
• Inver Hills Payroll/Personnel – Findings 5-6
• Metropolitan contract – Finding 16
• Pine Technical College Employment and Training
Center – Findings 23 and 24
Go to Legislative Auditor Presentation Slide 6
Slide ‹#›
Board Motion
• The Board Chair shall refer the audit finding pertaining to
the authority for Pine Technical College to enter into a joint
powers agreement for the operation of its Employment &
Training Center to another policy committee of the board
for further consideration.
• The Board of Trustees expects that the Office of the
Chancellor will work with college and university presidents
to ensure prompt implementation of the corrective actions
provided in response to Legislative Audit Report 2007-25.
The Office of Internal Auditing shall provide periodic
reports to the presidents, Chancellor, and Audit Committee
on the status of these audit findings.
Slide ‹#›