Summary Of Internal Control Failure At Ball State University

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The internal control failures that occurred at Ball State University should have alerted officials immediately after huge investments were made causing the university 13.1 million dollars. The head treasurer of the university feels that deception and lack of diligence is what caused this internal control failure. Seth Beoku Betts is the culprit behind this act of persuading Ball State investment directors to invest millions in the mortgage market, but using the money to buy luxury cars, personal indulgences, and even a house in Florida. George Montolio after pleading guilty with Seth was sentenced to 3 years in prison and held accountable for 3.8 million dollars. On the other hand Seth was sentenced to prison along with paying a restitution of 8.16 million dollars, while …show more content…
All of the conformation of purchase documents do not exist for the fraudulent transactions, and the nine people who worked for the controller’s office during fraud do not any longer. When looking at the COSO-Integrated controls framework there are a few things that went wrong. The first control would be control environment of the organization. Is the organization had a strong audit committee in place this potentially may not have happened. Making sure a good audit committee was in place could have reduced this risk because that would have meant good auditors who are not associated with management would have been able to monitor and catch these fraudulent investments. Next would have been the monitoring control itself was rather weak to not be able to catch these faulty investments that were used for personal pleasure. Auditors failed greatly by not catching these guys in the act of siphoning money from the University for these fraudulent investments. Next control failure that should have

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