(Neb)-Audits Of State Colleges Show Numerous Errors
LINCOLN, Neb. (AP) - The annual audit of Nebraska's three state college by the State Auditor's Office found numerous irregularities and poor accounting practices, but generally with nothing suggesting any intentional wrong-doing.
Audit manager Kris Kucera says the numerous errors were eventually corrected, but NTV reports errors in gate admission revenue at Wayne State, where at least one document was admittedly altered, could lead to further review by the State Patrol, Attorney General, and the Wayne County Attorney. NTV says auditors found almost $500 unaccounted for from a total of five separate sporting events.
State College System Chancellor Stan Carpenter says many of the discrepancies involved the incorrect classification of items and the report generally agreed, explaining that reclassifying items moved balances across different lines but didn't change net assets.
The Auditor's Office found that the college system needs more knowledgeable staff members to handle financial statements to meet governmental accounting standards.
One frequent problem was that one person was generally in charge of overseeing the statements without a second-person review procedures to ensure accuracy and consistency.
That was listed as a "material weakness" in internal control that could affect financial statements. The Wayne State issues were listed as a "significant deficiency" - less severe than a material weakness, but important enough to merit attention by the administration and Board of Trustees.
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