University of Hawaii Board of Regents to create oversight committee

The University of Hawaii Board of Regents has approved plans to create a committee to monitor the university?s oversight and other practices.

It is being called the Operational and Financial Controls Improvement Advisory Task Force. It will consist of five regents and four business professionals, including auditing and accounting people, university officials said in a statement.

The formation of the committee comes after the UH Athletics Department was bilked out of about $200,000 when it tried to arrange a Stevie Wonder concert on the campus. That money has since disappeared.

?The fiscal and management oversight and responsibility for the University of Hawaii rests with us,? Board of Regents Chairman Eric Martinson said in the statement. ?The regents agree, we need to examine our fiscal and operational polities and exercise our fiduciary responsibility to put in place effective measures.?

Martinson also noted that state legislators are calling for an investigation into the failed concert.

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