FORT SMITH, Ark. (AP) An audit has found that a budget adopted by the University of Arkansas for Medical Sciences before recent layoffs included revenue projections unsupported by calculations or health care trends.
The Arkansas Democrat-Gazette reports that the academic medical center’s internal audit report was made public Thursday.
UA System Chief Audit Executive Jacob Flournoy says UAMS officials had incorrect financial information throughout the fiscal year that recently ended. He says auditors believe it’s because of a financial “misstatement” regarding the school’s Myeloma Institute.
A risk assessment report says there’s a gap of more than $20 million between audited finances and information reported during fiscal year 2018.
UAMS announced hundreds of job cuts earlier this year as a way to trim a budget deficit.
UAMS spokesman Leslie Taylor says about 260 employees lost their jobs.
WebReadyTM Powered by WireReady® NSI