Financial Audit Taskforce
Problem
There is currently no financial audit being performed on funded proposals. We want to ensure funds are spent according to budgets as voted.
Solution
We want to introduce a website where funded proposers are required to submit the expense details for their proposals and audit documents.
Total to date
This is the total amount allocated to Financial Audit Taskforce.
About this idea
We want to build out a website where funded proposers are required to submit documentation supporting the amounts spent on their project and within the budget limits proposed.
We intend to use GAAP (Generally Accepted Accounting Principles) when identifying risk.
We will produce an auditing handbook for the proposers and for the use of the auditors that clearly outlines the requirements to be fulfilled by the funded proposer.
We will also perform audits on projects based on audit profile risk and normal industry profiles.
We intend to share these results and compliance activity with the Catalyst management team and on our website and twitter accounts to ensure the community is informed of audit results.
We will perform up to 40 Audits per Fund with the Funding Requested. Additional funding may be required to ensure audit risk is controlled. The number of audits projected in this pilot will not be sufficient to cover all the funded proposals in a given Fund.
We anticipate it will take 3 months to complete documentation and engage and train the team. The project should be able to audit the Fund8 participants and be fully functional from that point forward.
Note: A continuing funding request will be required for each fund to ensure audits are completed on time and within budget. Given the inability to forecast the number of funded proposals it will be difficult to project an ongoing continuing funding request.
Team:
Jeff Granger (Idea Proposer, Project Leader)
https://www.linkedin.com/in/jeff-g-30a144188/
• Project Leader Cardano Outreach a Fund4 funded Project (twitter @CardanoOutreach)
• 20 years + Management Experience, property investor, semi-retired, able to devote time to this project
Steve Murray (Retired Manager of IT (IT Department, Shared Services Canada)
20-30 Accounting Students from various universities around the globe to perform scheduled audits for each Fund.
5-10 Funded Proposers from Prior Rounds.
Budget:
Salary Project Leader: $4000
Salary Website Design and Advisor Fees: $3000
Salary Accounting Students: $10,000 (based on door rate of $25 USD/Hr and 10hrs per File, 40 Audits)
Website Hosting and Related Services : $2000
Documentation: $6000 (Auditing Handbook and Internal Risk Assessment Tools)
After 3 months we should have completed 40 audits and have already submitted a funding request to cover a larger number of audits, perhaps 100, then at the 6-9 month marks we would hope to be able to audit all of the funded proposers and continue to evolve to perhaps hire these students (some of them) as permanent full time employees with the goal of creating more auditing tools that enhance the process, streamline the process and innovate to achieve good value for money spent.
Attached you will find the video of a podcast of the proposer and related discussion of Cardano Outreach a Fund4 funded project!
Team
A former manager of audit within the Canadian Federal Public Service. I have reviewed thousands of income tax audits and excise tax audits.
