2024-002 Corrective Action Plan: Expense Approval Documentation - Significant Deficiency
Issue Summary
A significant deficiency was identified during the audit process regarding inconsistent or missing documentation for expense approvals. Instance sincluded expenditures lacking evidence of required approvals, incomplete support for business purposes, and deviations from documented approval thresholds.
Root Cause Analysis
- Inconsistent application of expense approval policies.
Corrective Actions
Expected Outcome
- Consistent and complete documentation of all expense approvals.
- Increased compliance with internal controls and audit standards.
- Reduced risk of unauthorized or inappropriate expenditures.
- Strengthened accountability among approvers and departments.
Monitoring and Reporting
The Finance Committee, the Director of Operations and Finance, and the Executive Director will monitor progress monthly and update executive leadership. Ongoing compliance will be tracked via audit findings and system-generated reports.