Verbal authorization of 13 unbonded CoSP to perform collecting functions
National Housing Authority · 2023
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What Happened?
Category: Financial ManagementIssue: Non-compliance with bonding and designation requirementsThe agency allowed 13 contract workers without bonds to collect payments and handle cash, even though this should be done by bonded employees. This creates a risk that money could be stolen or lost without any way to recover it.
Why It Matters
Recommended Actions
- Cease the practice of allowing COSP-BCS Operators to undertake collection responsibilities;
Original Audit Finding Excerpt
"Results of interview and walkthrough revealed that in addition to the three AOs and eight Collection Representatives, there are 13 CoSPs who were verbally authorized by Management to provide support to the Collection Unit in its collecting function."