Summary

The audit of the financial statements of Florida Atlantic University for the fiscal year ended June 30, 2007, 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 University, a component unit of the State of Florida, and a determination as to whether management has complied with applicable laws, rules, regulations, contracts, and grant agreements and other matters that are material to the financial statements.  An examination of Federal awards administered by the University is included in our Statewide audit of Federal awards administered by the State of Florida.  The results of our operational audit of the University are included in our report No. 2008‑048.

The following provides a summary of the findings of our audit of the University’s financial statements:

·       We found that the University’s financial statements presented fairly, in all material respects, the financial positions of the University and its aggregate discretely presented component units as of June 30, 2007, and the respective changes in financial position and cash flows, where applicable, thereof for the fiscal year then ended.

·       We noted a certain matter involving the University's internal control over financial reporting and its operation that we consider to be a significant deficiency as discussed in the FINDING AND RECOMMENDATION section of this report.  However, the significant deficiency is not considered to be a material weakness.

·       The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

The University's response is included as Appendix A of this report.