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Treasurer Josh Mandel Announces Launch of the Miami University Checkbook on OhioCheckbook.com
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4/12/2012

“Clean” Audit of Treasurer Mandel’s Office Confirms Strong Internal Controls and Accurate Inventory of Assets and Funds

COLUMBUS – Auditor of State Dave Yost today issued a “clean” audit of Ohio Treasurer Josh Mandel’s office, after a thorough review of accounts and transactions, and an inventory of assets and custodial funds of the state treasury.  The audit was conducted in accordance with Government Auditing Standards and revealed no matters of non-compliance, or internal control weaknesses.

“Every week, my office recognizes governments throughout Ohio for their dedication to good bookkeeping.  We know what good books look like, and so does Josh Mandel,” said Auditor of State Dave Yost. “This report reflects a commitment to good reporting and efficient operations.”

“I launched a top-bottom review of the Ohio Treasury upon taking office in order to root out waste, increase efficiencies and improve operations.  We have tightened the belt of government to ensure that Ohio taxpayer dollars are secure and conservatively managed,” said Treasurer Mandel.  “I would like to thank Auditor Yost and his staff for their comprehensive review of treasury accounts, transactions and processes, and for their thorough inventory of state assets and custodial funds.  This clean outside audit of the Treasurer’s office affirms that the modernization and improvements we have made to our banking and accounting practices are consistent with the highest in Government Auditing Standards.”

Audit Reviews Internal Controls, Inventory and Procedures

This annual audit is mandated by state law, and is required to review and report on any significant internal control deficiencies, fraud, or illegal acts – including noncompliance with laws and regulations.  The audit also reviewed whether abuse or noncompliance occurred with contracts and grant agreements that could affect financial accounts. 

A key part of the audit is an annual inventory of the state treasury.  This inventory counts all cash and reconciles it with the daily ledger report, physically inspects securities held in trust by the Treasurer as custodian for other agencies, confirms financial institution statements on cash deposits and investment account balances, and reconciles all of these amounts with the Treasurer’s accounting records.

The scope of the audit included testing procedures related to cash, securities, deposits, investments, revenue, taxes, collateral, monitoring of service organizations, bank account reconciliations, treasury financial systems, and compliance with certain state laws and regulations for the period July 1, 2010 through June 30, 2011. 

Auditor’s ‘Clean’ Report is the Latest Positive Review of the Ohio Treasury

 

“I am proud of the strong financial record that the Ohio Treasury is compiling, and believe that our focus on fiscal responsibility and a conservative investment strategy is paying off for Ohio taxpayers,” concluded Treasurer Mandel.

 

View Management Letter from Auditor of State Dave Yost

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