Summary
Summary
| Report Number: | 2009-037 |
| Report Title: | Gulf Coast Community College - WKGC-AM/FM Radio Station - Financial Audit |
| Report Period: |
FYE 06/30/2008 and FYE 06/30/2007 |
| Release Date: | 11/07/2008 |
Our audit disclosed that the Station’s financial statements were presented fairly, in all material respects, in accordance with prescribed financial reporting standards.
Summary of Report on Internal Control and Compliance
We noted a certain matter involving the Station’s internal control over financial reporting and its operations that we consider to be a significant deficiency as summarized below. However, this 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.
Significant Deficiency
Finding No. 1: Financial Statements
Improvements were needed in procedures to ensure the accuracy and completeness of the financial statements.
Audit Objectives and Scope
Our audit objectives were to determine whether WKGC-AM/FM Radio Station and its officers with administrative and stewardship responsibilities for Station operations had:
Presented the Station’s financial statements in accordance with generally accepted accounting principles;
Established and implemented internal control over financial reporting and compliance with requirements that could have a direct and material effect on the financial statements;
Complied with the various provisions of laws, rules, regulations, contracts, and grant agreements that are material to the financial statements; and
Taken corrective actions for findings included in our report No. 2008-044.
The scope of this audit included an examination of the Station’s financial statements as of and for the fiscal years ended June 30, 2008, and 2007. We obtained an understanding of the Station’s environment, including its internal control and assessed the risk of material misstatement necessary to plan the audit of the financial statements. We also examined various transactions to determine whether they were executed, both in manner and substance, in accordance with governing provisions of laws, rules, regulations, contracts, and grant agreements.
Audit Methodology
The methodology used to develop the findings in this report included the examination of pertinent Station records in connection with the application of procedures required by auditing standards generally accepted in the United States of America and applicable standards contained in Government Auditing Standards issued by the Comptroller General of the United States.Management’s response is included as Exhibit A.