Office of the Chief Financial Officer
Executive Summary for Closed Reports
Report No. 10-1-08-OFTa: Final Report on the Audit of Finance and Treasury’s Cashiering Operations at the Main Office and DCRA, dated May 20, 2011.
Chief Risk Officer’s Risk Assessment
The Inherent Risk associated with the collections of monies across the District is classified as High risk. While OFT stated that a backlog for deposits was created during the move of two cashiering sites to Waterfront: Recorder of Deeds (ROD) and its Main cashiering site, the OCFO recognizes the importance of its cash collections and placed particular emphasis on OIO’s recommendations.
OIO provided three recommendations, and all three were implemented in an effort to strengthen internal controls.
- Cash receipts procedures are adhered to and daily deposits are made to the Bank via armored courier (for cash) or remote deposit capture (for checks).
- Cigarette Tax stamp duties and responsibilities are segregated between the Lead Cashier and the Cashier Operations Supervisor. The Treasury Operations Manager also reviews the inventory log and reconciliations during required quarterly audits. Effective internal controls are in place to demonstrate adequate controls.
- Each cashier has a copy of the OFT cashiering manual. All existing cashiers and new cashiers sign for a copy of the manual. Each cashiering location also maintains a copy.
To view the full report, click OFT Cashiering Operations at the Main Office and DCRA.