OLATHE, Kan., Jan. 23, 2012 /PRNewswire/ -- The Kansas Bioscience Authority (KBA) today released the just-completed forensic audit of the KBA which was commissioned at the request of Gov. Sam Brownback in April 2011 and conducted by BKD, LLP, and Meara Welch Browne, PC. The full reports are available at www.kansasbioauthority.org.
KBA Board Chairman Dan Watkins said, "Overall the forensic audit affirms that the KBA's investment process is diligent and it makes no significant findings or exceptions related to KBA expenditures or conflicts of interest. The audit reports should clear the air regarding questions and allegations raised in the past year."
"With the release of this exhaustive review, Kansans can be confident the Kansas Bioscience Authority is a good steward of state resources," he added.
Sec. of Agriculture Dale Rodman was appointed by Gov. Brownback to establish the scope of this comprehensive audit and participate in the audit process. Based on this scope, the auditors examined all KBA expenditures and contractual arrangements since its inception in 2004, potential conflicts of interest, specific investments, as well as issues related to former KBA president and CEO Tom Thornton and other matters brought to BKD's attention.
BKD professionals spent 2,800 hours conducting the investigation, which culminated in a 203-page report, with an additional 600 pages of exhibits. Meara Welch Browne conducted a separate forensic audit of KBA interactions with the Center of Innovation for Biomaterials and Orthopaedic Research (CIBOR) as BKD serves as CIBOR's financial auditor. The cost of the audit services provided by BKD and Meara Welch Browne is projected to be $960,000 through completion of the engagements.
The BKD report states, "To our knowledge, every person who expressed an interest in providing information regarding the KBA was provided an opportunity to present inf
|SOURCE Kansas Bioscience Authority|
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