03/12/2012 07:42 EDT | Updated 05/12/2012 05:12 EDT

Alberta auditor rates financial controls at colleges, universities

EDMONTON - Alberta's auditor general has released a report card on financial controls at post-secondary institutions in the province.

Merwan Saher says in his report released Monday that Northern Lakes College, Grant MacEwan University, Alberta College of Art and Design, NorQuest College and Olds College lack basic financial controls.

He says that often results in significant inefficiencies, impairs the quality of information that management and the board use in decision making and increases the risk of fraud not being detected.

Saher said the University of Alberta, Northern Alberta Institute of Technology and Southern Alberta Institute of IT and the University of Lethbridge have effective financial controls.

The report said Grande Prairie Regional College has significantly improved its processes and internal controls over the last two years.

Saher says thes institutions spend approximately $4.5 billion annually.