Alberta officials have told the board of directors of a Calgary private school that they will not be able to operate next fall.

Alberta Education made the decision after hiring accounting firm KPMG to look into the finances and governing of The International School of Excellence in northeast Calgary.

“We will not allow this school to continue operating without the appropriate checks and balances in place. Situations such as these will not be tolerated by our government,” said Education Minister Jeff Johnson in a press release.

“To ensure minimal disruption to students and families, the school will be allowed to operate for the remainder of this school year with Alberta Education supervising all financial transactions.”

The International School of Excellence opened in fall of 2003 and has 170 registered students from kindergarten to Grade 12.

According to Bill Moore-Kilgannon, executive director of Public Interest Alberta, the incident should be a wakeup call for Albertans and the provincial government. A lot of tax dollars go to private schools and the province appears not to know how the money is being spent, he said.

"Very shocking to see the abuse that seems to be going on here, that KPMG uncovered. And again it’s just sad that this was not caught in a regular audit process,” he said.

Alberta Education is recommending that the Calgary Police Service and the Canada Revenue Agency investigate the school.