FAMU Accused of Sloppy Accounting

An audit is showing that Florida A&M University has been losing hundreds of thousands of dollars through sloppy and risky accounting practices.

The internal audit was done by the university's inspector general's office. It says the school can't produce the paperwork for at least 20 percent of the purchases reviewed by investigators.

It also shows the university too often has used simple purchase orders instead of signed contracts.

Several FAMU trustees say the audit indicates a failure of basic money management practices. School President Fred Gainous says he has created a special committee to review the situation.