December 14, 2016
Public institutions may be vulnerable to fraud, according to a recent case involving a former University of Missouri administrative assistant.
The former employee in the school’s College of Agriculture, Food, and Natural Resources was recently sentenced to prison for embezzling more than $781,000 from the university over a 13-year period. Two separate audit reports found that the school lacked oversight and accountability within 17 of its research centers.
The case serves as a prime example for internal audit functions at institutions such as universities to focus on key areas to exercise vigilance. Among them include financial oversight, alertness over financial controls, and a review to ensure that good human resource practices are in place.