UW-Stevens Point has received an “unsatisfactory” audit of its bank account management and oversight practices, according to a report presented to the audit committee of the University of Wisconsin System Board of Regents this month.
The rating means problems identified either “have caused or could cause significant errors, omissions, fraud or other adversities to go undetected,”
An unsatisfactory rating does not mean money is missing or fraud has occurred, but rather that some controls and procedures to catch mistakes or fraud either weren’t in place or weren’t being followed.
UW-Stevens Point officials said there is no connection between the $4.5 million budget shortfall,…
