Summary

Summary of Report on Financial Statements

Our audit disclosed that the College’s basic 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 College’s internal control over financial reporting and its operation that we consider to be a material weakness as summarized below. 

The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards issued by the Comptroller General of the United States.

Material Weakness

Finding No. 1:        The College needed to improve its financial reporting process to ensure its financial statements are accurate and fairly presented.

Audit Objectives and Scope

Our audit objectives were to determine whether North Florida Community College and its officers with administrative and stewardship responsibilities for College operations had:

• Presented the College’s basic 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. 2008-143.

The scope of this audit included an examination of the College’s basic financial statements as of and for the fiscal year ended June 30, 2008.  We obtained an understanding of the College’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.

An examination of Federal awards administered by the College is included within the scope of our Statewide audit of Federal awards administered by the State of Florida. The results of our operational audit of the College are included in our report No. 2009‑132.

Audit Methodology

The methodology used to develop the findings in this report included the examination of pertinent College 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 in the report as Exhibit - A.