Description of Corrective Action Plan:
Prior to the completion of this audit, EmployIndy already made a number of changes to its financial operations. It parted ways with its Chief Financial Officer and procured the services of an outside Certified Public Accounting firm to begin the process of rev...
Description of Corrective Action Plan:
Prior to the completion of this audit, EmployIndy already made a number of changes to its financial operations. It parted ways with its Chief Financial Officer and procured the services of an outside Certified Public Accounting firm to begin the process of reviewing and updating its financial operations. In addition, it hired an Executive Vice President of Finance and Operations to lead the final development and implementation of updated financial processes. The Executive Vice President of Finance and Operations has worked with EmployIndy’s Board of Directors and Finance Committee to document a plan for improving EmployIndy’s financial operations across the board by the 2nd quarter of Calendar Year 2024.
As part of the improvement to financial operations, EmployIndy will provide updated training to all staff covering the proper process for submitting, reviewing, approving, and retaining supporting documents for expenditures. The existing procedure includes a multi-step review and approval process for all expenditures, including those in the WIOA and other federal funding clusters. Additionally, EmployIndy’s Financial Operations, Grants & Contracts, and Program Management teams will provide guidance and training to EmployIndy’s subrecipients and contractors covering the proper process for submitting supporting documentation with invoices or accrued expenditure reports. These documentation requirements will ensure that supporting information directly and clearly ties back to invoices and/or accrued expense reports.
Responsible Party and Timeline for Completion:
Corrective Activity Responsible Party Timeline for Completion
Develop training for the timely submission and proper submission, review, and approval of accrued expenditure reports and invoices, and appropriate documentation requirements Controller and Associate Director of Grants & Contracts 1st Quarter of Calendar Year 2024
Train internal EmployIndy staff and external subrecipient and contractor staff on properly submitting, reviewing, and approving accrued expenditure reports and invoices, and including proper documentation supporting expenditures Controller, Associate Director of Grants & Contracts, and EmployIndy Program Leadership By 2nd Quarter of Calendar Year 2024
Hold Financial Operations, Program Leadership, and subrecipient and contractor staff accountable for following established processes Executive Vice President for Finance and Operations Ongoing