INTERNAL CONTROLS AUDIT EXIT CONFERENCE
OLOF’s Parish Council President, Chair and a member of the Finance Committee and Parish Corporators met with the Archdiocesan Audit team, Msgr. Hannon, Fr JoJo, and Dr Little on November 30, 2011 to review the final draft of the OLOF financial audit from September. The intent of a parish internal control audit review is to highlight the issues and concerns shared by the auditors and to request a response and action to address any outstanding issues presented to the parish. This began with an invitation for the parish to address the following areas of concern and significant findings in the audit report for the Fiscal Years 2010 and 2011.
The process now is for the Finance Committee and the parish administration to begin to consider and address each of the items and the details that belong to each item; to make a response, and to provide a plan of action for the parish to bring the OLOF procedures into compliance with Archdiocesan policy as soon as possible. Msgr. Hannon will oversee the steps necessary to ensure that the necessary steps are taken to ensure full compliance with all Archdiocesan policies. Please pray for all those involved in this important process.
- Significant Findings/Recommendations from OLOF Internal Controls Audit Lack of annual reporting to parishioners
- Inadequate presentation of financial reports
- Improper and inaccurate financial reporting
- Improper segregation of duties
- Improper offertory count procedures
- Improper/lack of safeguarding of assets
- Improper expenditure documentation and lack of approval processes
- Improper use and control of signature stamp
- Improper controls over parish credit cards
- Incomplete personnel records from a payroll perspective
- Issues regarding the characterization of certain staff as employees vs. independent contractors and non-employees tax reporting issues
- Lack of and improper controls over fundraisers
- Lack of and improper controls over related organizations