The University of Louisville Board of Trustee’s audit committee has unanimously approved the firm that will review the school’s financial management.
U of L requested the external audit (not to be confused with its annual audit) following allegations that an employee wrote himself checks in access of $2 million.
Louisville’s Strothman and Company was chosen among five candidates who presented to the audit committee Monday.
“They have just answered all of the things that we asked them to do in our request for proposals,” says committee chair Brucie Moore.
Moore says Strothman and Company met U of L’s vision for the project when the request for proposals was issued in September. These goals include:
- Review financial controls for all departments and schools on the Health Sciences Campus and the new faculty practice plan
- Review all internal audits performed since 2007 to ensure recommendations have been implemented
- Recommend whether UofL needs more frequent and unannounced audits
- Review personnel qualifications and training of employees with financial management responsibilities
- Identify and review all bank accounts not authorized by the Board of Trustees
- Survey banks within a 50-mile radius to ensure no unauthorized accounts exist in the name of UofL or related entities
“We are on a pretty tight timeline because there is a sense of urgency about this and they’re going to begin November 15 and we hope this process will be concluded by March 1,” Moore says.
Moore says Strothman’s $130,000 proposal was the most cost efficient.
U of L needs to send the proposal to state’s Legislative Research Commission for final approval.