Louisiana university found responsible for poor auditing

The University of Louisiana-Monroe was found responsible for poor auditing during a two-year stretch from 2008 to 2010, according to the Franklin Sun. The institution, which was reviewed by the Louisiana Legislative Auditor's Office, failed to manage and file accurate annual fiscal reporting.

According to the Sun, the Auditor's Office uncovered enough falsified reports to determine the university lacked "adequate controls" to ensure that its books and what it reported to banks were accurate. An audit of the university's bank reconciliation process found ULM had 63 accounts payable checks and four payroll checks totaling approximately $110,000 that were voided but still listed on existing checklists.

"Management inadvertently reported Pell receipts on the statement of cash flows as federal non-operating receipts, but later determined that these receipts should have been reported as gifts and grants for 'Other than Capital Purposes' in the same section of the statement of cash flows," the audit said.

Meanwhile, a January audit of the Wisconsin Rapids School District's 2009-2010 budget found four fewer cases of faulty financial reporting than the previous year, the Wisconsin Rapids Tribune reports. The audit was conducted under a state law that requires school districts to undergo audits at the end of each school year.  

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