Idaho Treasurer Audited for Money Transfer
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BOISE, Idaho (AP) – Auditors with the Idaho Legislature say State Treasurer Ron Crane has not provided enough evidence that a full review was conducted following an inappropriate money transfer.
The auditors found earlier this year Crane’s office overrode internal controls meant to contain financial risk and the transfer resulted in a loss of at least $10.2 million loss of taxpayer money.
The 90-day follow-up audit says Crane’s office asserts it has reviewed its securities lending transactions but has only provided state officials with documentation for two specific transactions.
Crane, a four-term treasurer, has disagreed with the report’s findings.
He did not immediately return calls from The Associated Press.
The report also says state auditors will assess the effectiveness of Crane’s office reorganization in a later review.