Summary of Report 99-020

March 1999

Report Number 99-020

 This guide will help governing boards and college management ensure that their Texas public community colleges receive high-quality opinion audits on annual financial statements. In its review of community college annual financial statements since 1994, the State Auditor's Office found indications that some institutions were not receiving high-quality audits. These indicators included fund balances that did not tie between fiscal years, inappropriate uses of fund accounting, numerous instances of reporting noncompliance, and inappropriate classifications of accounts.

 This guide includes the following information:

• Recommendations for good business practices in the annual financial statement
  opinion audit process, in particular, for procuring audit services

• Descriptions of each participant's responsibilities in the audit process

• General description of the audit process

Contact the SAO about this report.

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