What is more important than recovering the funds from the Bob Due embezzlement (which we now have) is updating Covingtons procedures and technology to prevent it every happening again. Many of these changes had been called for as far back as 2006 when Commissioner Jerry Stricker called for us to have an Assistant Finance Director so that there were two sets of eyeballs on finance. Other changes that we implemented were called for from back when I helped found the Citys First Audit Committee in 2009. Others we decided upon as a direct result of the Task Force to Restore Public Confidence under Judge Stephens and the State Auditor Adam Edelens report. In essence we have Instituted changes in our personnel hiring not only a new Finance Director Lisa Goetz but also an Assistant Finance Director and creating a new position of Chief Information Officer, Lisa Desmarais. The source of the fraud was that the Finance Director used to also control the computing system and could create dummy invoices to pay. Now we have separated Technology completely away from Finance, have broken purchasing down so that a different person can approve a vendor that is separate from the person who can approve an invoice who is separate from someone who can approve payment and all checks are now physically signed by two counter parties after verifying the receipt of the product or service that the city bought. We have instituted a Transparency Policy. Adopted a Fraud Hotline so that workers can report any suspicious behavior. Updated our computer system and software from 1980s and early 1990s vintage COBAL systems to now having state of the art financial systems. Outsourced Payroll. Improved Cash Management techniques. Allow bills to be paid on line. Improved and streamlined Work Processes, ect...but there is still more to do. see attached:
Posted on: Thu, 25 Sep 2014 02:05:14 +0000
Trending Topics
Recently Viewed Topics
© 2015