U of L audit recommends better financial controls

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Associated Press

Posted on July 3, 2014 at 10:01 AM

LOUISVILLE, Ky. (AP) — An independent audit has recommended that the University of Louisville improve financial controls and oversight after a series of cases involving allegations of embezzlement and misuse of funds.

The audit, commissioned by the university, recommended 17 changes, covering disbursement practices and management; controls over vendors, contracts and bank accounts; addition of a chief financial officer; and improved internal auditing.

The Courier-Journal (http://cjky.it/1iYiddM ) said Bill Meyer of auditors Strothman and Co. told the university trustees' audit committee on Wednesday that the recommendations if enacted would help prevent significant fraud.

The university said the full board is expected to consider the report July 10.

In the past six years, at least six university employees have been accused of taking the school's money or grant funds under its control.

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Information from: The Courier-Journal, http://www.courier-journal.com

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