West Virginia Board of Accountancy chastised
From Sunshine Review
September 21, 2009 The West Virginia Post Audit Division of the Legislative Auditor's office released studies on September 16, 2009 wherein the Board of Accountancy (BOA) faced chastisement for failing to deposit money within 24 hours, as state code requires.[1]
[edit] BOA
West Virginia Watchdog reported the success of the Office of Technology’s consolidation effort that eliminated 66 jobs through attrition, saving the state $1,399,742 in labor costs.
The BOA serves as the state's regulatory board for licensing Certified Public Accountants and Registered Public Accountants, while also administering and enforcing the West Virginia Board of Accountancy Law. The BOA celebrated its 50th anniversary on July 1, 2009, having been created by Chapter 128, Acts of the Legislature, under House Bill Number 51.
West Virginia Code, Chapter 12, Article 12, Section 2 states:
- “…All officials and employees of the state authorized by statute to accept moneys due the state of West Virginia shall keep a daily itemized record of moneys so received for deposit in the state treasury and shall deposit within twenty-four hours with the state treasurer all moneys received or collected by them for or on behalf of the state for any purpose whatsoever…”[1]
[edit] Deposits
The Legislative Auditor looked at 158 cash receipts over a two-year span to check their compliance with state code. At that time, revenue from licensing renewals/applications, disciplinary fees, late fees, and examination fees ammounting to $636,623.90 came into the BOA from.
The report showed that in the audit period, from July 1, 2006 through June 30, 2008, none of the 158 receipt transactions tested were deposited within the required one business day time period. The BOA gave reason for the untimely deposits, citing an internal policy that required the office staff to get approval of two Board members before depositing payments.
The one-business day maximum rule was put into place because the chances of the money being damaged, destroyed, lost or stolen increases with time. The policy was also put in place because the payments' providers may become concerned as to why the checks have not cleared "within a reasonable time frame."
[edit] BOA adjusts
The BOA made changes to their policies and no longer wait on board members' approval before depositing their revenue, effective January 2009.
The BOA released:
- “Subsequent to our audit period, and after the Board’s new deposit policy was implemented, we tested an additional 68 receipts totaling $5,610.00 and noted six receipts, or 9.5%, were deposited in excess of one business day after receipt. However, all six receipts were deposited on the second business day after their receipt.”[1]
[edit] External links
[edit] References
- ↑ 1.0 1.1 1.2 "Document Dump: West Virginia Board of Accountancy Chastised," West Virginia Watchdog, September 21, 2009
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