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Albany State University has earned the highest audit rating in the school’s history, going from a code 4 to a code 2, for the fiscal year ended June 30, 2008.  The Board of Regents Internal Audit Office annually rates the state audit reports on a scale from 1 (good) to 5 (bad).

“This is a team effort; the entire fiscal affairs management team, their direct reports and others involved in the audit process, are to be commended for this achievement,” said Larry Wakefield, ASU Vice President for Fiscal Affairs.

ASU President Everette J. Freeman said, “The dramatic improvement in our audit rating by the University System of Georgia attests to the hard work and dedication of our Fiscal Affairs team to showcase ASU as a model of sounds business practices and fiscal responsibility. I could not be more proud of them all. To receive the second highest rating for our fiscal affairs at ASU is the fruit of a lot focused, hard work.”

In a recent letter to President Freeman, Erroll Davis, Chancellor of the University System of Georgia, wrote, “Because of your leadership and that of your team, Albany State is now much better positioned to demonstrate the high level of accountability often required to address significant deficiencies. Your success in addressing past audit findings is evident in your most recent state audit. I truly appreciate the time and effort that you, your team, and other faculty and staff have put into this endeavor. Not only will ASU benefit, other institutions can learn from your efforts.”

Wakefield explained that a concerted effort was made to assess risks, improve internal controls and document procedures, all of which were contributing factors to the University’s improved audit report this past audit cycle.