Audit of Selected Transactions of the Bureau of Economic Research

The Office of the Virgin Islands Inspector General has issued the audit report on selected transactions of the Bureau of Economic Research. The audit disclosed that Economic Research: (i) had unchecked access to over $2.7 million in its checking accounts, in which local and Federal funds were commingled; (ii) inappropriately paid its employees for work performed after regular hours; (iii) failed to engage in competitive negotiations when  procuring contractual services of certain vendors and failed to enter into contracts for vendor services valued at more than $5,000 as required by the Virgin Islands Code; (iv) entered into transactions that created a conflict of interest for the Director of Economic Research; and, (v) extended unauthorized advances to employees and a loan to a vendor. To view the report, click here.