Folks by law audits have been performed each and every year. An audit is not meant to, and they explicitly state, that the audit does not preclude misstatements of financial position. It only states that the financial statements present fairly in all material respects, the financial position of the organization. Material being the key word.

It would be interesting to read what they've said about internal controls in the past.

Folks by law audits have been performed each and every year. An audit is not meant to, and they explicitly state, that the audit does not preclude misstatements of financial position. It only states that the financial statements present fairly in all material respects, the financial position of the organization. Material being the key word.

It would be interesting to read what they've said about internal controls in the past.

 

This. $18K is what would almost certainly be considered a "trivial" misstatement, and simply ignored by pretty much any audit firm.

This. $18K is what would almost certainly be considered a "trivial" misstatement, and simply ignored by pretty much any audit firm.

 

I would be surprised if NKU doesn't approach $200,000,000 in revenues from all sources in a year. I'm sure their threshold is pretty darn high.

 

NKU most probably has internal controls to prevent this from happening. Obviously they were not followed. But with the number of checks going thru there in a year the odds that they would be pulled for internal control review are miniscule.

NKU most probably has internal controls to prevent this from happening. Obviously they were not followed. But with the number of checks going thru there in a year the odds that they would be pulled for internal control review are miniscule.

 

Minuscule for a whole university, definitely.

 

But are 292 checks missing from one department minuscule for that department?

Minuscule for a whole university, definitely.

 

But are 292 checks missing from one department minuscule for that department?

 

In the admissions department, I'd venture yes. NKU has what, 15,000 students? I'd venture the admissions department probably handles a very large number of checks. Probably more than 20K annually.

In the admissions department, I'd venture yes. NKU has what, 15,000 students? I'd venture the admissions department probably handles a very large number of checks. Probably more than 20K annually.

 

This, I know several times back in the day I had to prove I had paid for a class/semester when they said the system showed I hadn't.

 

One of the reasons I copy every check I write and keep a binder of them.

This, I know several times back in the day I had to prove I had paid for a class/semester when they said the system showed I hadn't.

 

One of the reasons I copy every check I write and keep a binder of them.

 

One of the reasons I don't write checks if I can in any way avoid it

One of the reasons I don't write checks if I can in any way avoid it

 

Amen!

One of the reasons I don't write checks if I can in any way avoid it

 

Honestly paying property taxes and vehicle taxes is about it personally unless I am transferring funds from one bank to another. I write them for the rental properties much more, but still only about 3 a month on average.

One of the reasons I don't write checks if I can in any way avoid it

 

Exactly. No need to write checks anymore.

The only checks I write are the weekly checks for my son's daycare. They still don't do electronic payments as of yet. :idunno:

The only checks I write are the weekly checks for my son's daycare. They still don't do electronic payments as of yet. :idunno:

 

Fees on taking electronic payments and CC/DC payments are high, I can understand why a business like that doesnt take them.

Exactly. No need to write checks anymore.

 

I won't say there's never a need to write checks. But those situations are getting rarer and rarer. I'm surprised NKU still takes so many checks. Even if you don't have a credit card, they take electronic ACH transactions debited directly from your account. It's so much easier for the payer, and makes internal theft such as this incident, much tougher, if not almost impossible.

Fees on taking electronic payments and CC/DC payments are high, I can understand why a business like that doesnt take them.

 

The trade off and advantage is better cash flow (CC/DC/ACH deposits are usually available next day) and safer/more secure (no bounced checks). The fees in many cases are worth the security and convenience, for both the customer and the business. And you're talking pennies on the $ in fees.

 

I can definitely envision a time in the near future where large organizations, like NKU won't accept checks at. Again, it would have made this particular crime much harder, if not impossible to commit.

The trade off and advantage is better cash flow (CC/DC/ACH deposits are usually available next day) and safer/more secure (no bounced checks). The fees in many cases are worth the security and convenience, for both the customer and the business. And you're talking pennies on the $ in fees.

 

I can definitely envision a time in the near future where large organizations, like NKU won't accept checks at. Again, it would have made this particular crime much harder, if not impossible to commit.

 

I dont think that will be the case, business to business still use checks pretty heavy, and many business pay for employee tuition directly.