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Illinois Lottery has $200 million in bookkeeping errors: state auditor
Crain's Chicago Business ^ | July 01, 2013 | Greg Hinz

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 ...


TOPICS: Crime/Corruption; Extended News; Government; News/Current Events; US: Illinois
KEYWORDS: ahmad; amerahmad; chicago; illinois; illinoislottery; islamicterror; lottery; muslim
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1 posted on 07/01/2013 7:07:20 PM PDT by george76
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To: george76

Payoffs?


2 posted on 07/01/2013 7:08:32 PM PDT by doc1019 (There is absolutely no difference between pro-choice and pro-abortion.)
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To: george76

You say errors, employees say pocket change. Chicago, Chicago!!


3 posted on 07/01/2013 7:14:56 PM PDT by Mastador1 (I'll take a bad dog over a good politician any day!)
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To: george76

Obama has just found the bean counters for Obamacare.


4 posted on 07/01/2013 7:14:58 PM PDT by Proud2BeRight
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To: george76

The Chicago Way!


5 posted on 07/01/2013 7:16:33 PM PDT by GladesGuru (Islam is antithetical to, and Islam is irreconcilable with, America. Therefore - Islam Delenda Est)
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To: george76

public trough feeders looting the lottery. Gov’t types love sloppy bookkeeping that private sector entities would get prosecuted for


6 posted on 07/01/2013 7:19:50 PM PDT by dennisw (too much of a good thing is a bad thing - Joe Pine)
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To: george76

Gosh, golly... WHAT a shock!!!


7 posted on 07/01/2013 7:19:51 PM PDT by joethedrummer
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To: george76

help me i have fallen and cant get up


8 posted on 07/01/2013 7:20:58 PM PDT by bigheadfred (barry your mouth is writing checks your ass cant cash)
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To: george76

Standard Mob payoff, I’d say.


9 posted on 07/01/2013 7:21:26 PM PDT by G Larry (Let his days be few; and let another take his office. Psalms 109:8)
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To: Mastador1
"You say errors, employees say pocket change. Chicago, Chicago!!"

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!'

10 posted on 07/01/2013 7:21:33 PM PDT by Joe 6-pack (Qui me amat, amat et canem meum.)
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To: G Larry

‘Bookkeeping errors’.

Riiiiiiiight.


11 posted on 07/01/2013 7:22:00 PM PDT by Black Agnes
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To: george76

Illinois?

I’m shocked!

LOL.


12 posted on 07/01/2013 7:22:47 PM PDT by onyx (Please Support Free Republic - Donate Monthly! If you want on Sarah Palin's Ping List, Let Me know!)
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To: doc1019

Embezzlement by the Chicago political machine.


13 posted on 07/01/2013 7:24:32 PM PDT by Blood of Tyrants (Inside every liberal and WOD defender is a totalitarian screaming to get out.)
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To: george76

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.

http://www.chicagobusiness.com/article/20130701/BLOGS02/130709979/illinois-lottery-has-200-million-in-bookkeeping-errors-state-auditor#ixzz2Xqp8vvvK


14 posted on 07/01/2013 7:24:48 PM PDT by kcvl
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To: Perdogg; hoosiermama; penelopesire; SE Mom; MestaMachine; thouworm; crosslink; boxlunch; ...

Illinois Lottery has $200 million in bookkeeping errors: state auditor

PING!


15 posted on 07/01/2013 7:25:16 PM PDT by maggief
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To: Blood of Tyrants

Same difference ... LOL!


16 posted on 07/01/2013 7:26:55 PM PDT by doc1019 (There is absolutely no difference between pro-choice and pro-abortion.)
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To: george76

The thieves always go where the money is.


17 posted on 07/01/2013 7:27:34 PM PDT by blueunicorn6 ("A crack shot and a good dancer")
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To: doc1019
Computer systems also were weak, it said, with inadequate security policies.

Moonlighting?

18 posted on 07/01/2013 7:31:09 PM PDT by TChad
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To: TChad

LOL! mayhap ...


19 posted on 07/01/2013 7:35:06 PM PDT by doc1019 (There is absolutely no difference between pro-choice and pro-abortion.)
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To: george76

Is this why the lottery checks bounced earlier this year??


20 posted on 07/01/2013 7:56:54 PM PDT by Menehune56 ("Let them hate so long as they fear" (Oderint Dum Metuant), Lucius Accius (170 BC - 86 BC))
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