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In accordance with 34 CFR 668.23 (a) of the Code of Federal Regulations financial aid activities are audited as part of the annual financial audit of Craven Community College performed by the NC Office of the State Auditor. This audit is conducted in accordance with government auditing standards, the Single Audit Act (Public Law 104-106), and OMB Circular A-133. These annual audits include tests of compliance with applicable federal laws and regulations and review of internal controls used in administering federal financial assistance programs. The three most recent annual financial audits were conducted for years ended June 30, 2005, June 30, 2004 and June 30, 2003.
Under the Single Audit Act, the Office of the State Auditor selects a sample of colleges and universities to test for compliance each year. The random nature of this process requires the College, to be prepared annually, to be tested for compliance. In the Office of the State Auditor's transmittal for the college's financial audit for the year ended June 30, 2004 the auditors indicate "as part of the audit work necessary for the State's Comprehensive Annual Financial Report (CAFR) and the Single Audit Report, the accounts and operations of the College were subjected to audit procedures, as we considered necessary." The Office of the State Auditor's transmittal letter was streamlined for the fiscal year ending June 30, 2005 and some of the language was dropped. As evidenced by a copy of the email from a representative of the Auditor's office, the audit of Craven Community College was subject to the Single Audit and was covered in the Statewide Single Audit Report. As part of the North Carolina Community College System, Craven Community College is included in the State of North Carolina Single Audit report. Page 308 of the audit report reflects the federal grants received by Craven Community College for the Fiscal Year Ended June 30, 2005.
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