ESPANOLA, N.M. (AP) - The Latest on audit findings for Northern New Mexico College (all times local):
3:30 p.m.
The president of Northern New Mexico College says the school is cooperating with state police and the district attorney’s office as they investigate allegations of fraud and embezzlement first uncovered during an annual audit.
State Auditor Tim Keller’s office made the audit findings public Monday.
Auditors said in the report that a high-level employee in the business office resigned and admitted taking over $200,000 from the college.
No charges have been filed, but auditors say the former employee provided a spreadsheet detailing deposits taken between August 2012 and July 2013.
College President Rick Bailey says the focus now is on improving the school’s business and accounting processes to ensure every dollar is tracked. He says the audit findings will serve as a roadmap for the improvements.
The college also plans to give regents monthly updates on the progress.
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1 p.m.
An independent audit of the financial controls at Northern New Mexico College has identified more than three dozen deficiencies and areas of noncompliance after auditors warned previously of some $200,000 in missing money.
State Auditor Tim Keller announced the findings Monday, noting the probable theft along with a general lack of controls over accounting practices, procurement violations and payroll tax problems.
Keller also noted that the school’s regents failed to hold staff responsible for corrective actions to address problems that were previously identified and that the problems outlined in the audit create an environment for possible fraud, waste and abuse.
In early March, the auditor’s office said a high-level employee in the business office resigned in connection to the missing money.
School officials did not immediately respond to a request for comment.
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