Skip to comments.Illinois Lottery has $200 million in bookkeeping errors: state auditor
Posted on 07/01/2013 7:07:20 PM PDT by george76
The Illinois Lottery has "material weaknesses" in its internal financial controls weaknesses that led to $200 million in reporting errors, a new state audit has found.
In a report that already is sparking finger-pointing and drawing the attention of key lawmakers, Illinois Auditor General William Holland concluded that the mistakes had the potential to result in incorrect financial statements being issued both by the lottery and by the state of Illinois itself.
(Excerpt) Read more at chicagobusiness.com ...
You say errors, employees say pocket change. Chicago, Chicago!!
Obama has just found the bean counters for Obamacare.
The Chicago Way!
public trough feeders looting the lottery. Gov’t types love sloppy bookkeeping that private sector entities would get prosecuted for
Gosh, golly... WHAT a shock!!!
help me i have fallen and cant get up
Standard Mob payoff, I’d say.
Errors? Legitimate book keeping errors would be expected to normally have a 50/50 distribution along the black and red side of the ledgers. Somehow, when gubbermint agencies have bookkeeping *errors* they always somehow seem to appear on the debit side of things. I mean, when's the last time a state or federal agency came out and said, "Whoops! we added wrong and actually have $200M more than we thought we did!'
Embezzlement by the Chicago political machine.
Sounds like they got their bookkeepers from the IRS...
Specifically, the audit, prepared for Mr. Holland by the Chicago office of KPMG LLP, says that errors in initial reports submitted by the lottery to Illinois Comptroller Judy Baar Topinka repeatedly were off, with “adjustments” necessary to raise assets by $63 million, reduce liabilities by $45.7 million, decrease expenses by $106.3 million and boost reported revenues by $1.5 million.
In one instance, it said, the lottery included an erroneous $35.5 million receivable balance in one preliminary report but forgot to remove it and then made an adjustment in the wrong account.
Illinois Lottery has $200 million in bookkeeping errors: state auditor
Same difference ... LOL!
The thieves always go where the money is.
LOL! mayhap ...
Is this why the lottery checks bounced earlier this year??
Sung to the tune of a toothpaste commercial...
‘YOU’LL wonder where the money went...
IF the Libs ever get their hands on it....’
I've read that the government has repeatedly tried to audit the IRS, but they simply have no records understandable by any accounting company.
Thanks. Added it to Chicago Crime thread
Wow, what are the children going to do? Now there won’t be enough money for education...
I’d like to see the Illinois Tollway Authority audited by an agency not in Illinois. I’m sure the records are destroyed immediately when it is legal to do so, but the money they...uhhh...”misplaced” over the last decades would no doubt make this look like dresser drawer change.
And the funny thing is that they say that organized crime is dying in Chicago...
Graft in Chicago??!!...I’m shocked I tell you, shocked.
How ‘Chicago’ convenient!
Back when Georgia’s lottery was in its infancy, some popular combination of numbers (e.g., 7777) came up on the cash 4 - I’m not sure if they were even limiting their potential exposure on such combos then (by limiting the number of plays on each).
Anyway, it hit and they had to pay out big time. Know what they did? The QUIETLY stopped putting the required number of winners in their instant tickets being printed. IOW, they were knowingly cheating the odds and not changing the odds printed on the backs of the tickets. This went on for months until they got caught - nothing done about.
All the while, most every executive and functionary in most any state lottery corporation gets whopping big bonuses every year.
I have seen quasi-governmental entities such as a medical center that gets 100% govt funding. They love sloppy books means you can steal and screw around with funds and worst case please stupidity incompetence
There are thousands of Governments in America from county (3000+ of them) on up. Thousands and thousands of gov’t agencies and some like it very very very sloppy as far as books go and DONE ON PURPOSE!
54 million found stashed in non-disclosed account subsequent California park closures due to funding shortfall, one year ago.
Chicagos Comptroller Amer Ahmad: A muslim with connections to islamic terror
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