Report Number 2006-097 Summary

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Report Number:	2006-097
Report Title:	University of South Florida St. Petersburg - Financial Audit
Report Period:	FYE 06/30/2005
Release Date:	01/27/2006

The audit of the financial statements of the University of South Florida St. Petersburg (Regional Campus), a regional campus of the University of South Florida (a component unit of the State of Florida), for the fiscal year ended June 30, 2005, was conducted pursuant to Section 11.45, Florida Statutes, and applicable standards contained in Government Auditing Standards issued by the Comptroller General of the United States.

The scope of this audit included an examination of the financial statements of the Regional Campus, and a determination as to whether management has complied with applicable laws, administrative rules, regulations, contracts, and grant agreements and other matters that are material to the financial statements.

The following provides a summary of the findings of our audit of the financial statements of the Regional Campus:

We found that the Regional Campus’s financial statements presented fairly, in all material respects, the financial positions of the Regional Campus as of June 30, 2005; the revenues, expenses, and changes in net assets; and the cash flows for the fiscal year then ended.
We noted no matters involving the Regional Campus’s internal control over financial reporting and its operation that we considered to be material weaknesses.
The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.