Jump to content

Lesson from UNT funds mess: Trust but verify By G. BRINT RYAN


Harry

Recommended Posts

My alma mater, the University of North Texas, has a healthy pattern of growth and a solid financial base, although you’ve seen some alarming revelations in recent months. I want the community to understand that our future is bright and our enrollment generates revenue that will allow us to continue to grow and excel. But we’re learning a hard lesson about the importance of solid and honest accounting, something my UNT professors taught me years ago.

The old Russian proverb of “trust but verify,” appropriated by President Ronald Reagan in the 1980s, has new meaning and significance for the administrative leadership and regents of the University of North Texas System. The current board, our predecessors and system leaders have trusted that the individuals at UNT responsible for the basic tasks of managing the university’s funds were doing so accurately and professionally.

But in recent years we began demanding technology upgrades and enhanced reporting to verify that the highest standards of accounting principles were being followed. As a result, we and our auditors have discovered and disclosed some significant errors and inaccurate reports. We have now documented a series of ingrained and improper financial practices that simply should never have happened.

Read more: http://www.dallasnews.com/opinion/latest-columns/20140714-lesson-from-unt-funds-mess-trust-but-verify.ece

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue. Please review our full Privacy Policy before using our site.