STEVENS POINT – A new report from University of Wisconsin System auditors called UW-Stevens Point’s bank management practices “unsatisfactory” for issues and failures dating back to 2012.
Unsatisfactory is the lowest rating the UW System auditors hand out, and they’ve done so in only about 15 percent of all campus audits in recent years, a system spokeswoman said.
The audit report criticizes UWSP for failing to ensure that transactions the university recorded in its own documents had all the matching bank records to support them — called reconciliation in the financial world.
The report, presented this month to the UW System Board of Regents audit committee, also criticized the university for missing…
