Yesterday's news included a report that the ISD may have to return $8 million to the Federal Government because the P-Card fraud caused the ISD to violate federal grant guidelines for education spending. Continuous monitoring doesn't sound nearly so expensive anymore.
For more complete coverage of the ISD P-Card fraud, see any or all of the following links:
May 2007 Story in Dallas Morning News
Forensic Report from Navigant Consulting regarding P-Card abuse at the Dallas ISD
This week's coverage summarizes the Deloitte audit report, which includes numerous control weaknesses and significant deficiencies.
"Weaknesses and Significant Deficiencies" cited by Deloitte & Touche:
• District policies that "do not exist, are ineffective or not consistently applied"
• Poor staff training
• Lack of oversight from superiors
• Failure to comply with grant requirements from the federal government
• Inability to reconcile some financial accounts
• "Significant" adjustments to district ledgers
• Poor record-keeping and accounting for debts, capital assets, payroll and personnel
Stay tuned - each time I think story is over, another interesting tidbit appears.
Visual Risk IQ
Charlotte NC, USA