Accounts payable audit of Louisville Arena Authority finds conflict of interest

A recent presentation to discuss the findings of the Louisville Arena Authority's 2010 accounts payable audit by professional services firm Crowe Horwath LLP has identified a conflict of interest in its payment processes, according to Business First.

It was found that invoices due from the authority for the Kentucky State Fair Board – which manages and operates the $238 million KFC Yum! Center in downtown Louisville – were approved by a member of the fair board's own staff. Crowe partner Tony Brutscher recommended audit solutions in the form of reassigning the duty to someone else. Invoice approval will now be handled by authority chairman Jim Host, or a member of the authority's finance and budget committee.

Four new sponsors were also introduced as part of the presentation, which will bring a total of $250,000 in sponsorship revenue. These were Land Rover Louisville, the Kentucky Air National Guard, Sully's Saloon, and Superior Maintenance Company.

The 721,762 square foot Yum! Center opened in October of last year and hosts sports competitions, conventions, and concerts.

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