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The Pac-12 conference announced the dismissal of two senior executives on Friday following an investigative audit on its finances dating back to 2016.
An investigation revealed that two executives failed to disclose material information to the conference board and external conference auditors in connection with overpayments by distribution partners.
In October, a distribution partner subject to a 2017 audit determined that it had overpaid for conferences every year since 2016. Overpayments totaled over $50 million.
After the error was pointed out by a distribution partner, the conference hired Cooley LLP to conduct an independent investigation into the matter. The company concluded that two senior executives had been aware of the overpayments since late 2017 and that the executives had failed to disclose information related to material financial risks to the meeting.
In addition, the investigation concluded that management failed in its “continuing obligations and obligations” to disclose information to the board and external auditors.
“Pac-12 has taken prompt and appropriate steps in line with best governance practices to address this matter,” the statement read Friday. and support student-athletes, and are committed to operating at the highest level of professionalism at all times.”
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