State auditors laud ECU
If state auditors gave letter grades from their reviews of financial reports then East Carolina University would get an “A Plus.” The State of North Carolina’s Financial Audit Report on ECU for the 1991-92 fiscal year, issued this week, made no material audit findings and indicated the total resolution of any previous recommendations.
“If there is such as thing as a perfect audit report, this is it,” said Richard Brown, ECU’s vice chancellor of Business Affairs. “It’s a situation that rarely occurs in an audit of any organization,” he added.
State auditors, who studied ECU’s financial records for the fiscal year that ended June 30, 1992, said their “audit did not disclose any material weaknesses in the internal control structure, deficiencies in the accounting records, or noncompliance with rules and regulations.” Furthermore, the audit concluded that any previous recommendations “have been resolved by the university.” A letter accompanying the report from Ralph Campbell Jr., State Auditor, issued the opinion that all financial statements on revenues and expenditures conformed with accepted accounting principles.
“This is what is know as a ‘clean’ opinion,” said Brown. “Any administratively and financially sound organization should receive such an opinion.”
“It reaffirms that East Carolina University is managed by professionals who consistently demonstrate the highest levels of competency, integrity and dedication; good stewards of the resources entrusted to them,” he said.