RETRACTED - NUS gets heavy with alleged ANUSA fraud

fair.

“working somewhat at least” I should’ve said.

But names definitely should not be speculated upon at least until charges are laid.

QuietPlease said :

Also, we DO know that this was detected, which means the controls are working, and we DO know that action has been taken addressing this situation.

if you don’t know how early it was detected than how do you “know” that the controls are working?
and, look, it’s a RiotAct comment thread.. I think people are generally aware that comments are going to be necessarily speculative.

Breaking with the trend and running with facts:

We don’t know how much was taken from each organisation.

We don’t know how early it was detected.

If it was detected earlier, we don’t know why the police are being contacted now,
maybe waiting for the result of a comprehensive audit, maybe seeking a civil settlement…we don’t know.

We don’t know it was that mentioned individual and as no charges have been laid, you would all do well not to publicise speculation.

Alternatively, we DO know that the NUS has since put out a full retraction, dismissing NUS ACT’s statement and offering full support to ANUSA and the other student bodies on their handling of the situation.

Also, we DO know that this was detected, which means the controls are working, and we DO know that action has been taken addressing this situation.

It’s amazing the difference between what people “know” and what people know.

c_c said :

They apparently spend $6000 a year on auditing so you’d expect that to pick up on this.

).

That is not going to be a very thorough audit if it’s only six grand. Besides if the audit would only pick up if the accounts were misstated or there were controls circumvented. That’s why it’s called fraud.

Here we go:http://webcache.googleusercontent.com/search?q=cache:HKLMkmea3GYJ:au.linkedin.com/pub/victor-white/27/b34/552+%22victor+white%22&hl=en&client=safari&gl=au&prmd=imvns&strip=1

Particularly like: “Liaised with internal and external stakeholders regarding risk management…”

and “Liaising with auditor and bookkeepers”

and this classic “Aspiring writer/speechwriter/political staffer.”

Sam Seabourne aspirant with an Alan Bond complex.

He’s clamped down on all his online stuff (FB/LinkedIn) in light of this.

HIs LinkedIn is interesting and still caught by the Google Cache.
ANU Student Media
Managing annual budget of $150,000

Australian National University Students’ Association
Managing an annual budget of $800,000

Is it seriously possible to entertain the thought that Victor White (there’s absolutely no reason for withholding his name, legal or ethical, at this point) was the sole signatory to the ANUSA and ANUSM accounts? I think there’s a way to go with this yet..

Here’s an interesting article with more details.
http://www.vexnews.com/2012/06/what-a-bum-student-politician-probed-over-pinching-anusa-plunder/

He was treasurer of Woroni and the Sports Association as well. I assume that the theft was spread across the three organisations. You’d think however that this would increase his chances of being caught earlier.

To put these figures in perspective, ANUSA’s annual budget for 2010 had income of just over $640,000.

So if the figure reported by CT of up to $60,000 is correct, and over a short period, then it’s easy to see why NUS is reacting to this. How can you lose almost 10% of your funds? And how can you only realise accidentally well after the fact?

Or to make another comparison, that is the entire salaries of the ANUSA executive combined.

They apparently spend $6000 a year on auditing so you’d expect that to pick up on this.

(On a slightly related note, ANUSA’s income is just over a million this year thanks to the SSAF).