Office of the Chief Financial Officer

Executive Summary for Closed Reports

Original Report

Report OIO No. 12-01-08 OFT:  Final Report on the Audit of the Office of Finance and Treasury’s Cashiering Operations (Main Office), dated December 5, 2012.

Current Status

Closed.

Chief Risk Officer’s Risk Assessment

The Inherent Risk associated with the collections of monies across the District is classified as High risk.  The OCFO recognizes the importance of its cash collections and placed particular emphasis on OIO’s single recommendation.  It is of note that the conclusion of the audit “disclosed no discrepancy in the cash count at the Main Office.”

Recommendations Overview   

OIO provided one recommendation, and it was implemented in an effort to strengthen internal controls.

• The Office of Finance and Treasury (OFT) changed safe and vault combinations on October 4, 2012 via a third-party vendor named Downtown Lock Company.  In addition, OFT will continue compliance with its procedures that safe/vault combinations are changed when staff is rotated or when staff leaves.  The delay cited in the report was due to not rotating cashiering staff during the transition of accounting functions from OFT’s Accounting Unit to the agencies.

To view the full report, Click : OFT Cashiering Operations (Main Office) Full Report