September 13-14 - Nebraska State College System

7.1.-1
Fiscal and Facilities Committee
Larry Teahon, Chair
Cap Peterson
Jennifer Myers
September 13-14, 2007
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Changes in Audit Standards
Priority: Financial Strength of the System
Goal: 3. Strengthen fiscal, environmental, technological and physical resources
4. Improve efficiency of operations
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Audit standards are continuing to change and several changes will impact the audit currently
underway for the fiscal year ending June 30, 2007. We sent a memo with information to board
members regarding the recent changes. We have since had two meetings with the state
auditor’s office, including our annual Audit Entrance Conference. The auditors have confirmed
that they will be following the new standards and that the threshold has been lowered for
determining any control issues to be included in the audit report. The auditors will continue to
issue a management letter to the Board in addition to any issues that rise to the level of being
included in the audit report.