Press Release from Ed Hatchett, Reid Welcomes State Auditor’s Expanded Role Release Date: June 14, 2000 | Commonwealth of Kentucky |
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(Frankfort - June 14, 2000)
State Auditor Ed Hatchett announced today that his office will assume the status of lead auditor of Kentucky State University (KSU) for the fiscal year ending June 30, 1999. Hatchett’s decision came after meeting with KSU President George Reid and representatives of PricewaterhouseCoopers, LLP (PWC), the accounting firm originally contracted by KSU to perform the audit.
“In light of the embezzlement and the significant internal control issues at KSU, I believe the investment Kentuckians have made in the university will be best protected if my office finishes the audit for FYE 1999,” said Hatchett. “We will issue the audit and, subject to the University’s ability to provide a reliable financial statement, opine on that statement.” “We have the full cooperation of PWC and will build on the work they have already performed,“ said Hatchett. “We have also conferred at length with KSU President George Reid who assures us we will have the full cooperation of his staff. This audit should have been completed in December 1999. We will work with the university to break this cycle of untimely audits and stale financial information. I pledge to provide a work product useful to the Board or Regents as it fulfills the critical mission of KSU.“ |
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