Illinois Lottery has $200 million in bookkeeping errors: state auditor

Crain's Chicago Business ^ | July 01, 2013 | Greg Hinz

[george76]

The Illinois Lottery has "material weaknesses" in its internal financial controls — weaknesses that led to $200 million in reporting errors, a new state audit has found.

In a report that already is sparking finger-pointing and drawing the attention of key lawmakers, Illinois Auditor General William Holland concluded that the mistakes had the potential to result in incorrect financial statements being issued both by the lottery and by the state of Illinois itself.

[doc1019]

Payoffs?

[Mastador1]

You say errors, employees say pocket change. Chicago, Chicago!!

[Proud2BeRight]

Obama has just found the bean counters for Obamacare.

[GladesGuru]

The Chicago Way!

[dennisw]

public trough feeders looting the lottery. Gov’t types love sloppy bookkeeping that private sector entities would get prosecuted for

[joethedrummer]

Gosh, golly... WHAT a shock!!!

[bigheadfred]

help me i have fallen and cant get up

[G Larry]

Standard Mob payoff, I’d say.

[Joe 6-pack]

"You say errors, employees say pocket change. Chicago, Chicago!!"

Errors? Legitimate book keeping errors would be expected to normally have a 50/50 distribution along the black and red side of the ledgers. Somehow, when gubbermint agencies have bookkeeping *errors* they always somehow seem to appear on the debit side of things. I mean, when's the last time a state or federal agency came out and said, "Whoops! we added wrong and actually have $200M more than we thought we did!'

[Black Agnes]

‘Bookkeeping errors’.

Riiiiiiiight.

[onyx]

Illinois?

I’m shocked!

LOL.

[Blood of Tyrants]

Embezzlement by the Chicago political machine.

[kcvl]

Sounds like they got their bookkeepers from the IRS...

Specifically, the audit, prepared for Mr. Holland by the Chicago office of KPMG LLP, says that errors in initial reports submitted by the lottery to Illinois Comptroller Judy Baar Topinka repeatedly were off, with “adjustments” necessary to raise assets by $63 million, reduce liabilities by $45.7 million, decrease expenses by $106.3 million and boost reported revenues by $1.5 million.

In one instance, it said, the lottery included an erroneous $35.5 million receivable balance in one preliminary report but forgot to remove it and then made an adjustment in the wrong account.

http://www.chicagobusiness.com/article/20130701/BLOGS02/130709979/illinois-lottery-has-200-million-in-bookkeeping-errors-state-auditor#ixzz2Xqp8vvvK

[maggief]

Illinois Lottery has $200 million in bookkeeping errors: state auditor

PING!

[doc1019]

Same difference ... LOL!

[blueunicorn6]

The thieves always go where the money is.

[TChad]

Computer systems also were weak, it said, with inadequate security policies.

Moonlighting?

[doc1019]

LOL! mayhap ...

[Menehune56]

Is this why the lottery checks bounced earlier this year??