A financial analysis of Edward Waters College Essay

Edward Waters College ‘s fiscal statements are audited on an one-year footing by an independent auditing house. In add-on to scrutinizing and supplying an sentiment on the College ‘s fiscal statements, a study is issued on internal control over fiscal coverage and conformity with certain commissariats of Torahs, ordinances, contracts, and grant understandings and other affairs in conformity with Governmental Auditing Standards.

Reports are issued on conformity with demands applicable to the College ‘s fiscal assistance plan, major Federal and State fiscal plans, agendas of Federal, State and local awards, and internal controls over conformity in conformity with OMB Circular A-133, the Florida Single Act, and the Florida ‘s Department of Education.

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The College ‘s hearers provide written communicating to direction and the audit commission depicting important lacks and stuff failings, if applicable, that are identified during the audit in conformity with Statement of Auditing Standards No.114 and other professional criterions. Besides, there is a direction missive that addresses recommendations sing the internal controls and chances for betterment or efficiency as celebrated during the audit. The College ‘s responses to scrutinize findings are included in the audit studies.

The one-year fiscal statement audit for financial twelvemonth 2008-2009, which was conducted by an independent auditing house, issued an unqualified study with some stuff failings identified, but no non-compliance or other affairs to be reported under Governmental Auditing Standards. The study on internal controls identified certain points that were considered to hold important lacks. However, there were no cases of non-compliance. The hearer ‘s study issued on the fiscal assistance plan, major plans, and the agenda of outgos of Federal, State, and Local awards was qualified with no non-compliance issues except for points listed in the study. The College has moved to turn to each point as cited in the study.

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The one-year fiscal statement audit for financial twelvemonth 2007-2008, which was conducted by an independent auditing house, issued an unqualified study with some stuff failings identified, but no non-compliance or other affairs to be reported under Governmental Auditing Standards. The study on internal controls identified certain points that were considered to hold important lacks. However, there were no cases of non-compliance. The hearer ‘s study issued on the fiscal assistance plan, major plans, and the agenda of outgos of Federal, State, and Local awards was unqualified with no non-compliance issues noted.

The one-year fiscal statement audit for financial twelvemonth 2006-2007, which was conducted by an independent auditing house, issued an unqualified study with some stuff failings identified, but no disobedience or other affairs to be reported under the Governmental Auditing Standards. The study on internal controls over conformity identified no affairs that were considered stuff and there were no cases of non-compliance or reportable conditions. The hearer ‘s study issued on the fiscal assistance plan, major plans, and the agenda of outgos of Federal, State, and Local awards was unqualified with no non- conformity issue noted.

The one-year fiscal statement audit for financial twelvemonth 2005-2006, which was conducted by an independent auditing house, issued an unqualified study with no affairs affecting any material failings of internal controls over fiscal coverage identified and no non-compliance or other affairs to be reported under Governmental Auditing Standards. The study on internal controls over conformity identified no affairs that were considered stuff and there were no cases of non-compliance or reportable conditions with respects to the individual audit. The hearer ‘s study issued on the fiscal assistance plan, major plans, and the agenda of outgos of Federal, State, and Local awards was unqualified with no non conformity issues.

All FISAP studies have been processed and filed, the latest on October 1, 2010.

Edward Waters College has a current “ Program Participation Agreement ” with the US Department of Education for Federal Student Aid which is valid through June 30, 2013. The College has qualified to take part in plans under the Higher Education Act of 1965, as amended ( HEA ) and the Federal pupil fiscal aid plans ( Title IV, HEA plans ) via the Eligibility and Certification Approval Report.

Documentation:

Fiscal Statements Audit 2008-2009

Fiscal Statements Audit 2007-2008

Combined Fiscal Statements Audit and A133 Financial and Compliance Audit 2006-2007

Fiscal Statements Audit 2005-2006

A133 Financial and Compliance Audit 2008-2009

A133 Financial and Compliance Audit 2007-2008

A133 Financial and Compliance Audit 2005-2006

FISAP Report 2009-2010

FISAP Report 2008-2009

FISAP Report 2007-2008

FISAP Report 2006-2007

US Department of Education Program Participation Agreement

US Department of Education Federal Student Financial Aid Program Approval Letter

US Department of Education Eligibility and Certification Approval Report ( ECAR )

US Department of Education FY 2008 Official Cohort Default Rate Notification Letter

US Department of Education Program Review Report

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