Report Recommends Keyano College Improve Financial Reporting Processes For Third Straight Year

Keyano College is continuing work to improve its financial reporting processes.

The Auditor General of Alberta’s report on post-secondary institutions released on Wednesday, says for the third straight year, the college was unable to prepare accurate financial statements for fiscal 2018.

In a statement, Keyano says they recognize strong, sustainable processes improve their ability to make good decisions and are important for communication and accountability.

“We acknowledge the deficiencies addressed in the report and are diligently working to comply with the Auditor General’s recommendations,” the college said. “College Administration is encouraged that no new recommendations were made by the Office of the Auditor General of Alberta.”

The college says since last year, they’ve increased resourcing in Financial Services and strategically hired into senior leadership roles to address financial reporting challenges.

“Emphasis has been placed on improving oversight, financial processes, internal controls and accuracy of the consolidated financial statements. Updated policies and improved procedures are being put into effect college-wide,” the release added.

Keyano administration continues to collaborate with Alberta Advanced Education and the Office of the Auditor-General to meet legislative requirements and accounting standards.

They expect improvements to be reflected in the next audit cycle.

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