Word: auditing
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Dates: during 1990-1999
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B.C.C.I. internal-audit documents reviewed by TIME and interviews with present and former B.C.C.I. banking officers in several countries reveal a pattern of unprecedented global financial duplicity. The bank may secretly control other U.S. banks. It has used front men to conceal ownership of businesses in many countries. Adeptly deploying political influence around the world, say investigators, it has enlisted sovereign governments in shady financial deals built on its ability to control massive global flows of illegal funds, such as drug money and flight capital. It has involved itself with the central banks of more than 30 Third World countries...
...Price Waterhouse audit of B.C.C.I. completed in March 1990 and a supplemental audit completed the following month -- both now sought by U.S. investigating authorities -- detail irregular transactions that have caused hundreds of millions of dollars to disappear. The documents also confirm that B.C.C.I., not the Middle Eastern investors of record, holds the controlling shares of First American...
...letters will point out items the IRS questions. If you'd rather not audit yourself, the IRS will conduct a regular audit. If you find you erred, you're supposed to report it and pay the appropriate penalty and interest. And if you conclude that you're in the right, try to persuade...
...universities spend taxpayer dollars intended for scientific research. This week's hearing is expected to focus not only on Stanford's questionable accounting practices but also on the agency that monitored the school's federal contracts, the Defense Department's Office of Naval Research. That group failed to audit thoroughly Stanford's overhead costs for almost a ) decade. Says Middlebury College President Timothy Light of the current system for underwriting university-based research: "It's a ghastly mess...
...Federal Government is supposed to audit a university's overhead charges every two or three years. In the case of Stanford, however, the Office of Naval Research did not adequately check claims and receipts for fiscal years 1983 through 1988 and did not audit 1981-82 at all. Worse still, during that time it signed off on 125 "memoranda of understanding," formal agreements that exempted Stanford from accounting standards the government imposes at other schools...