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Prior days' news: By date | Search This week's print issue Back issues: By date | Search March 23, 2008Pheaa Directors Want Pennsylvania to Wrap Up Probe of the Agency's SpendingSeveral board members of the Pennsylvania Higher Education Assistance Agency, impatient with the pace of the state’s 11-month probe of the student-loan agency’s spending habits, plan to ask the Pennsylvania auditor general to bring his investigation to a close, The Patriot News, a newspaper in Harrisburg, Pa., reported. The auditor general, Jack Wagner, began investigating the agency last spring following news-media reports that it had spent in excess of $860,000 on employee and board travel expenses. Mr. Wagner’s interim report on the investigation in October concluded that the agency, which is known as Pheaa, had spent lavishly on employee benefits and bonuses for high-ranking executives. Some members of Pheaa’s Board of Directors say Mr. Wagner’s investigation has dragged on, putting a strain on the staff at a time when the agency, like many other lenders, is feeling the pinch of the downturn in credit markets and the subsidy cuts in the student-aid bill passed last fall. Last month Pheaa announced that it would temporarily suspend offering federal student loans because of the credit crunch. The agency is also under the gun with the U.S. Education Department, which has said it will seek a $15-million repayment from Pheaa after finding that the agency had received $33-million in improper federal subsidy payments on student loans through a federal aid loophole that allowed lenders to receive guaranteed subsidies at above market-based interest rates. “We’re beginning to wonder about the scope of the audit being conducted,” State Sen. Jane Earll, a Pheaa board member, said at a board meeting last week. “There is some question as to whether this is exceeding general accounting standards and general auditing standards.” Mr. Wagner, however, has refused to bow to pressure. “We will be there as long as we need to be to make sure our audit is done professionally and factually,” he told the newspaper. Among the spending and policies under investigation by the auditor general are $8.9-million spent on advertising; a bonus of nearly $65,000 paid to a D.C. lobbyist; and the agency’s outfitting of an executive conference room with $1,000-apiece leather swivel chairs. —Paula Wasley Posted on Sunday March 23, 2008 | Permalink |Comments
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An audit of this scope and magnitude take time and effort.The audit plan can outline the scope of the audit but the details take as much time as required to perform the necessary tests.At least you are getting an audit, the president of The University of Texas Southwestern Medical Center spends hundreds of thousands on expensive wine, European trips,caviar,gifts,and his memberships to the opera board,symphony and other art patron world boards and events.Since the internal auditor works for him,“all expenses are 100% legitimate”.Surely,this is not the audit you are after when complaining of the time element involved.
— Brent Mar 24, 08:42 AM #