SERVICE AUDITORS REPORT IFTA, INC. FUNDS NETTING PROCESS

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Presentation transcript:

SERVICE AUDITORS REPORT IFTA, INC. FUNDS NETTING PROCESS FROM REVIEW OF THE IFTA, INC. FUNDS NETTING PROCESS FYE JUNE 30, 2011 Lonette L. Turner CEO/CFO

IFTA, Inc.’s responsibilities were: Preparing a description and an assertion The completeness, accuracy and method of presentation of both Providing the services covered by the description

Specifying controls that meet the applicable trust services criteria and stating the controls in the description Designing, implementing and documenting the controls to meet the applicable trust services criteria

FINDINGS The funds netting process controls, if complied with, appeared to be appropriate and adequate to achieve the control objectives. Testing of the funds netting process disclosed that the system is extracting the relevant data from participating members reports and accurately summarizing it into the Jurisdiction Summary Funds Netting Totals and Final Settlement Report.

The Jurisdiction Summary Funds Netting Totals and the Final Settlement Report were provided to participating members in accordance with the funds netting calendar. Confirmations of receipts of incoming funds and communication regarding funds needed by participating members were tested without exception.

During our testing of the funds distribution it was noted that Prorate 1 and Prorate 2 calculations are both completed on the same worksheet. During one of the months tested, an incorrect amount was authorized by the Executive Director to be paid. This was subsequently corrected.

Recommendation for Strengthening Existing Controls: It is recommended that the calculations for Prorate 1 and Prorate 2 be completed on separate worksheets to reduce the possibility of mixing up the proration amounts to be paid.

Commendation: Overall, the results of the review of the procedures indicated that management: Had established a healthy system of controls Had procedures in place and was actively monitoring controls Communicated the importance of controls to the Association’s staff involved in the Funds Netting Process.