OKLAHOMA CITY – The Oklahoma Horse Racing Commission recently released a forensic audit of its OKBred account. The audit found inadequate internal controls, noncompliance with statutory purpose and deficient documentation and record-keeping. It also revealed a lack of formal policies and procedures, lack of transparency to relevant stakeholders and inadequate reconciliation and independent review.
A comprehensive reconciliation of the Oklahoma Breeding and Development Fund Special Account began in May 2025. The objective of the audit was to determine the accurate balance of the OKBred fund as of June 30, 2025, and to evaluate the internal controls and processes associated with the management of the account. The account consists of restricted funds established by statute for the specific purpose of supporting and promoting Oklahoma breeders and the state’s breeding industry.
'As fiduciaries of these public funds, the OHRC has a legal, moral and ethical obligation to ensure proper governance, transparency and compliance,' Harris said. 'The independent audit demonstrates that the Commission has failed to meet these obligations.'