JOHNSON CITY, Tenn. - An audit has found that insufficient reviews of accounting work at East Tennessee State University have led to some significant errors.
The audit by the state comptroller's office for the fiscal year ended June 30, 2009, was released Thursday.
Among the errors the audit found - the associate vice president for financial services reported the reserve amount for Tennessee State School Bond Authority bonds as $22,000 when the correct amount was more than $4 million.
Also, scholarship allowances were understated by more than $2 million, which resulted in other accounting errors.
ETSU agreed with the audit's conclusion and said it will "assess and refine the review process to ensure the financial statements are accurately prepared."