Word: audits
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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...
...stunning audit showed serious banking irregularities and criminal acts involving senior B.C.C.I. executives, trustees and bank directors that have been hushed up. The audit traced insider loans, with funds parked in Bahrain and Panama, and "drawdowns not supported by requests from the customers," which is accounting jargon for money moved out of accounts without documentation of any kind. Bank officials familiar with the audit and other internal B.C.C.I. documents reviewed by TIME confirm the Price Waterhouse findings...
...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...