One of Louisiana’s “economic development” agencies was cited by the Louisiana Legislative Auditor (LLA) for lack of internal controls of its finances.
From the audit for 2012 and 2013:
There was no documented review of the bank statements and bank reconciliations on a monthly basis. In addition, there was no documented review of payroll direct deposit reports or payroll postings to the general ledger. There was also no review of the detailed general ledger, journal entries, and payroll tax reports. Additionally, the listing of pledges receivable were not reconciled to subsequent receipts or write-offs. Furthermore, credit card statements were not reconciled to actual receipts prior to payment.
There was not adequate evidence that controls were in place to ensure that a material misstatement of the entity’s financial statements would be prevented, or detected and corrected on a timely basis. Significant time was required to analyze and reconcile payroll postings and pledges receivable. Significant journal entries were needed to adjust those accounts on the general ledger.
The North Louisiana Economic Partnership (NLEP) says it is a public-private partnership dedicated to the positive and sustainable economic development of the 14 parishes it serves in North Louisiana.
At the 6/17/14 meeting of the Ouachita Parish Police Jury (OPPJ), NLEP hit up the jury for a $50 thousand “contribution” to polish the reputation of four area parishes.