postheadericon Bond issue warns of failures and fraud

Significant Deficiency 2009-1 (Private Purpose Trust Fund)

Condition: The last three months of transactions were not recorded in any

scholarship account with missing documentation pertaining to deposits,

and a lack of central oversight.

Cause: The condition is a result of not having central oversight of all scholarship

funds and allowing multiple individuals to involve themselves in recording


Effect:: The failure to not properly monitor these funds can cause errors or fraud

to occur without being detected by anyone.

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