The Settlement agrees with the finding. Management has implemented a number of compensating controls to mitigate the risk of any future overdraws of government contract funds.
As part of the monthly process, it is required that the preparer of the invoice be separate from the reviewer and approver o...
The Settlement agrees with the finding. Management has implemented a number of compensating controls to mitigate the risk of any future overdraws of government contract funds.
As part of the monthly process, it is required that the preparer of the invoice be separate from the reviewer and approver of the invoice and that the preparer provide an expense report verifying the amount submitted for payment. The contract specific monthly expense report (Direct Report generated through Sage Intacct) is reviewed for accuracy and completeness by both the preparer and reviewer. For OHS, specifically, the reviewer and approver receive both the monthly Director Report and a summary of payments received to date. The approver is either the Controller or the CFAO.
Once approved, the reimbursement request with expenses and backupdocuentation is submitted to the funder, who performs a final review prior to releasing payment for reimbursement. Additionally, for year-end, the fiscal team begins the reconciliation process with previously audited yearend A/R balances by contract. They then verify that subsequent receipts substantiate the receivable previously recorded in the books. Expenses for each contract are billed monthly by recording a receivable and revenue. Implementation began July 2022.
Responsible parties: Assistant Controllers, Controller, CFAO
Completion date: 7/1/2022