Audit of Checking Accounts Maintained by the Department of Tourism

The Office of the Virgin Islands Inspector General has issued the audit report of checking accounts maintained by the Department of Tourism. The audit disclosed that Tourism did not implement or establish policies and procedures for the disbursement and accounting of petty cash/imprest fund accounts in compliance with applicable laws and regulations. As a result: (i) Tourism established 14 petty cash checking accounts without the Department of Finance’s knowledge and authorization; (ii) Tourism expended in excess of $4 million dollars without adequate documentation or accounting for the funds; (iii) goods and services were procured in violation of the procurement laws; and, (iv) poor and inadequate internal controls over the funds expended through these unauthorized petty cash/imprest fund accounts placed the assets at high risk for fraud, waste and abuse. To view the report, click here.