BKD Forensics & Valuation Services
With a recent college admissions scandal in the news, the lack of internal controls and fraud prevention training in higher education is well-known. Why weren’t any controls in place to help prevent this? What are colleges doing to address it?
Fraud in higher education extends beyond admissions, from administrators stealing or embezzling university money to the theft of student tuition money.
With fraud in the spotlight, colleges should begin planning how to help prevent fraud in the future and teach their faculty and students. Melissa Giannetta, president of the University of Central Florida’s Association of Certified Fraud Examiners (ACFE) student chapter, explained in Fraud Magazine® that “Fraud is an important subject to teach our students because it is something that happens every day and is only continuing to grow. The more that we can prevent fraud from occurring, the more people that we can save from being negatively affected by fraudulent behavior.”
As a guide in planning, colleges can review a fraud prevention checklist that a group of Cornell University students developed and implemented for their school. For more information about the checklist, see the ACFE Insights blog.