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INSTITUTIONAL RESEARCH > FINANCIAL AUDITS AND OTHER THIRD-PARTY EXAMINATIONS
Financial Audits and Other Third-Party Examinations
financial statements and internal financial controls are audited each year by
its independent auditors, who are currently Deloitte & Touche LLP. The latter provided an unqualified opinion
regarding the University’s financial statements for the years ended May 31,
2014 and 2013. The independent auditors
are also required to notify management by letter if they believe that there are
deficiencies in internal financial controls or other areas involving material
risk to the University. The auditors did
not notify the University of any such deficiencies in these two fiscal years.
aspects of RMU’s operations are also examined by other third parties and
regulatory agencies. For example, RMU’s long-term
debt carries an investment-grade rating (Baa3) from Moody’s Investor
Services. The University provides
financial and other operating data to Moody’s each year and meets with them
periodically to update them on significant developments.
audit and investment-grade bond rating are generally indicative of a sound
financial condition. Additionally, both
the auditors and Moody’s provide useful suggestions for improvement, best
practices and comparison data that RMU can use for institutional improvement.