Description: It certainly was an eye opener! As reported in the Ryerson University student newspaper called the Eyeopener, the student union appears to have $250,000 in credit card charges that need some explaining. That’s a lot of money for student leaders to be charging. A number of students began asking questions, with one commenting that a failure by the students’ union to issue quarterly financial statements caused concern. Meanwhile, the president of the student union said the accounts will be reconciled by a February 1 deadline.
Date: January 25 , 2019
Source: cbc.ca via msn.com
1) Do you attend Ryerson, or know anyone who attends there? What is the latest discussion around campus on this matter?
2) What type of governance weaknesses might be exposed by this story?
3) In Wiley’s Auditing: A Practical Approach you can read about the fraud triangle. Do you see how any of the three sides of the triangle may have been at work in this case?