For the first time in a couple of years, Keyano College is receiving a passing grade for its financial reporting.
That’s according to the Auditor General’s annual report card on post-secondary institutions’ financial statements.
From 2018 to 2019, Keyano was the only school in the province that needed significant improvement on the accuracy and timeliness of their financial reports. It did receive a passing grade for accuracy in 2019.
However, they received high marks for its 2020 reporting.
“We have made significant improvements over the past two years addressing legacy reporting issues and enhancing our financial reporting systems and processes,” said Dale Mountain, Interim President & CEO.
The Auditor General’s report claims Keyano trained staff on Canadian Public Sector Accounting Standards and the monitoring and reviewing process to ensure all the financial information was accurate.
It also states the college’s staff were attending meetings and collaborating with senior finance officers of other post-secondary institutions in Alberta, as well as attending courses on public sector accounting standards.
“Strong, sustainable processes improve management’s decision-making ability, and provides the board of governors for each institution the information it requires to exercise proper oversight,” added Doug Wylie, Auditor General.
Meanwhile, Keyano didn’t receive a perfect report card.
The province still wants the college to implement processes for testing and monitoring the effectiveness of internal controls and improve systems to ensure compliance with legislation.