ULM Cited For Inaccurate Finance Records
MONROE, La. (AP) — State auditors have cited the University of Louisiana at Monroe for inaccurate financial reporting.
In a report recently released by the Louisiana Legislative Auditor's Office, ULM was cited for failing to accurately maintain some of its accounting records during a two-year period ending in June.
ULM's Controller Diane Singletary told The News-Star that many of the findings related to accounting classification errors, most of which have already been corrected.
State auditors found that the university did not have adequate controls to ensure that its bank reconciliation process was complete and accurate.
Singletary says the implementation of a new software system that handled all of the university's major accounting systems such as payroll, finance and student systems was a one of the major problems that caused many of the findings.