State Auditor Nicole Galloway announced Thursday that the state will implement two new audits to state-funded universities, including one that will examine the University of Missouri System’s administration.
One audit will examine the spending policies put in place by the UM System president and the Board of Curators, according to a news release. The other will review college affordability and the state universities’ adherence to the Higher Education Student Funding Act. The new audits are part of an ongoing effort to audit higher education, Galloway said. Two other audits of Missouri higher education are in progress.
Galloway emphasized that the audit is not targeting MU specifically and was not proposed based on a singular event at MU, but did say the recent downgrade of the university system’s credit rating by credit rating agency Standard & Poor’s from stable to negative did get her attention.