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.
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.
The Office of the Virgin Islands Inspector General released its Fiscal Year 2009 Audit Plan. Among the various audits planned for 2009, the Inspector General’s Office hopes to complete five projects started in Fiscal Year 2008 (Tourism Checking Accounts, Abandoned Vehicle Program, Education Initiative Fund, Bureau of Economic Research Grants, and Administrative Functions of the V. I. Lottery). In addition four other projects should be started during the 2009 Fiscal Year to include: Specific Operations of the Superior Court, Activities of the V. I. Economic Development Authority, V. I. Government Collectors, and Administrative Functions of the Department of Licensing. To view the 2009 Audit Plan, click here.
The Office of the Virgin Islands Inspector General and the Office of Inspector General of the Department of the Interior have released their joint audit report on the administrative functions of the SRMC. The audit disclosed a breakdown of key controls resulting in a flagrant disregard for accountability and transparency by the District Board and senior executives, thereby exposing SRMC to fraud mismanagement which resulted in a litany of abuses. To view the report, click here.
The Office of the Virgin Islands Inspector General released its audit report on the Virgin Islands Government’s accounting and collection of dishonored checks. The audit found a lack of controls over the accounting of dishonored checks; inconsistent collection efforts by departments and agencies; and, virtually no enforcement against businesses and individuals who issue dishonored checks to the Government. To view the report, click here.
The Office of the Virgin Islands Inspector General released its Fiscal Year 2008 Audit Plan. Among the various audits planned for 2008, the Inspector General’s Office hopes to complete four projects started in Fiscal Year 2007 (Dishonored Checks, Schneider Regional Medical Center, LEPC Grants Management and Tourism Checking Accounts). In addition five other projects should be started during the 2008 Fiscal Year to include: the Education Initiative Fund; Bureau of Economic Research Grants; the Virgin Islands Lottery; Economic Development Authority; and, Licensing. To view the 2008 Audit Plan, click here.
The Office of the Virgin Islands Inspector General released its report on the audit of the operations of the St. Croix Horse Racing Commission. Weaknesses were found in controls over the operations of the Commission. There was no accounting system in place; documentation was non-existent or could not be found; and there were numerous withdrawals from the Commission’s account with no supporting documentation. To view the report, click here.
The Office of the Virgin Islands Inspector General released its audit report on the operations of the 2004 Virgin Islands Carnival Committee. We found that although in general the Committee had good internal controls over revenues and disbursements, it did not: (i) reconcile all collections from the ticket outlets; (ii) control tickets distributed to the Stadium outlet; (iii) follow established procedures in the use of the purchase order form; (iv) ensure that checks were properly voided; (v) file all of the required financial reports as required by the Code; and, (vi) use the correct method of accounting when submitting the profit and loss statement for the 2004 Carnival activities. To view the report, click here.
The Office of the Virgin Islands Inspector General released its audit report on the operations of the Homestead and Home Loan Program. The Department of Housing, Parks and Recreation failed to: manage its accounts receivables; ensure that loans were distributed in a fair and equitable manner; distribute loan proceeds according to the provisions of the V. I. Code; deposit legislative appropriations into the correct account; and, maintain adequate record keeping practices to justify loans granted. To view the report, click here.
The Office of the Virgin Islands Inspector General released its audit report on the operations of the St. Thomas – St. John Antilitter and Beautification Commission. There were no controls over the use of funds, which contributed to the Fund being over obligated by $198,573 in Fiscal Year 2004. In addition, program funds were not adequately accounted for. Finally, grants and contracts were not properly monitored.To view the report, click here.