Office of the Chief Financial Officer
Executive Summary for Closed Reports
Status as of March 5, 2014
Report No. OIO-10-1-01-OTR (b): FINAL REPORT: Audit of the Process Used to Collect Tax Revenues through Gov One, dated July 7, 2011.
A companion report was also issued: Report No. OIO-10-1-01-OTR (a): FINAL REPORT: Audit of the Process Used to Collect Tax revenues through Gov One, dated April 20, 2011.
Closed. Gov 1 has been replaced with a payment portal through our vendor, Wells Fargo Bank. All recommendations have been included in the new payment portal.
The original project was delayed as the OTR was changing lockbox vendors, which included an option to change payment portals. Work to improve Gov One was purposefully put on hold as the business case to support changes to a system that was being replaced could not be supported. This activity was cited in the original OIO report. Requirements for the new system were drafted to include OIO recommendations. The Bank later recognized they could not meet all of OTR's requirements, and the transition to the Bank's portal was delayed. The Bank continues to update its payment portal to accommodate OTR's requirements. The projected date for replacement payment portal to be operative is January 2013.
Chief Risk Officer’s Risk Assessment
The inherent risk associated with the collection of revenues through Gov One is High. The collection of revenue is a core mission of the OCFO, and it takes seriously all risks associated with collections, including financial, fiduciary, customer service and reputational risks. The lack of additional control work categorizes the residual risk as High, as well. This is OUTSIDE of the risk tolerance levels established at the OCFO. The new portal- embedded with these OIO recommendations as well as other internal controls- will significantly reduce risks.
Overview of Recommendations
OIO offered three recommendations. All have been implemented.
- OTR has developed and implemented policies and procedures that address the management, oversight and reconciliation of the OTR lockbox account, including the specific identification of reconciling items related to timing and non-timing differences. In the interim, a Lockbox Coordinator position has been created and filled providing oversight of the lockbox process.
- RPA has put into place policies and procedures that will (1) require RPA management review all adjustments and reconciliations; and (2) require written justifications for all entries that are not self explanatory. These policies and procedures will be implemented within 6 months of the new lockbox processing system.
- The new system requires that there be no “stripped” transactions. In the interim the Bank has been developing reports to capture as much of the data as possible for research.
To view the full report, Click : Collect Tax Revenues through Gov One July 2011 Full Report