Office of the Chief Financial Officer

Executive Summary for Closed Reports

Original Report

Report OIO No. 11-01-02 OFT: Final Report on the Audit of the Vendor Center operations at the Office of Finance and Treasury, dated November 8, 2011.

Current Status

Closed.

Chief Risk Officer’s Risk Assessment

The Inherent Risk associated with the ensuring vendors and other service providers are paid for services across the District is classified as high risk. The OCFO recognizes the importance of its payment operations and has placed particular emphasis on OIO’s recommendations.

Overview of Recommendations

OIO offered three recommendations, and all three were fully implemented. Following are the recommendations that have been implemented to strengthen existing controls:

• Formal policies and procedures were developed and documented for the returned check process. The policies and procedures include timely tracking and reconciliation of returned checks.
• OFT researched and determined to be valid the transactions in question.  Documentation that had been unavailable to OIO was located. Further, OFT established a new filing system and purchased a scanner for the imaging of all documents.
• OFT reviewed and revamped its documentation retention procedures and communicated the updated procedures to its staff.

To view the full report, click: OFT Audit of the Vendor Center Operations at the Office of Finance and Treasury.