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Auditors find reporting, monitoring and reconciliation problems across North Dakota University System
Summary
State auditors issued a clean opinion on the University System's consolidated financials but reported four formal findings affecting multiple campuses, including misreporting of strategic investment funds, insufficient monitoring of service organizations, recurring bank-reconciliation errors, and bond-proceeds accounting errors at Bismarck State College.
State auditors told the Legislative Audit and Fiscal Review Committee that while the North Dakota University System's consolidated financial statements received an unmodified (clean) audit opinion for the year ended June 30, 2025, auditors identified four formal findings that affect multiple campuses.
Dan Cox, director of audit services for the State Auditor's Office, said the first finding concerned material audit adjustments at several campuses related to Strategic Investment Fund (SIF) transfers that should have been reported as revenue in the year received. "These adjusted, these adjustments related to the funding in the 2023-25 biennium from the…
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