LSUIC Audit Committee Report Presentation for the 2023–2025 Leadership

Following the appointment of the audit committee on August 31, 2025, and the submission of management letters dated February 19, 2026, and April 2, 2026, a joint leadership meeting (with the CoC, JB, Auditees, and the audit committee) was held on April 8, 2026, to discuss the audit findings for fiscal years 2023–2024 and 2024–2025, and the final audit reports for the 2023-2025 fiscal years were submitted on June 10, 2026. A presentation and Q&A meeting was held on June 15, 2026. The meeting brought to light serious concerns, including but not limited to: 1. The absence of any approved financial policy by the Council of Coordinators (CoC) under the 2023–2025 leaderships of Hon. Jacob Cephus Johnson. 2. Inadequate loan documentation. 3. Discrepancies in financial reporting across multiple officers, including financial secretaries, treasurers, and the former president. 4. A qualified opinion issued for the 2024–2025 financial report due to unresolved material misstatements. 5. Allegations by former President Hon. Jacob Cephus Johnson of missing funds ranging from 22,000 RMB to 38,000 RMB. 6. Missing daily login data, unaccounted funds, and discrepancies between reported and actual amounts in provincial accounts. 7. Confusion over separate versus combined financial reports from individual officeholders. 8. Potential existence of multiple or conflicting versions of financial reports.