With the indictment of Tom Noe this week, the Ohio Bureau of Workers’ Compensation (BWC) re-asserted the hope that its 2005 financial audit will be completed soon.
The bureau, along with the Auditor of State’s Office (AOS) and KPMG LLP (KPMG), the independent public accountant, has continued to move forward on the audit process. The process had stalled, previously, because management and KPMG were unable to review information collected as part of the criminal investigation.
Additional information related to the investigation to support the 2005 financial statements will become available soon.
Also, the audit committee of the Workers’ Compensation Oversight Commission is working with the Ohio Attorney General’s office to determine whether special counsel should be appointed to assist in the designing, planning and implementation of a process to perform a financially focused investigation into BWC’s activities.
If special counsel is assigned, its efforts will assist with finalizing a statement of net assets along with related statements of revenues, expenses and changes in net assets and cash flows for the fiscal years ending 2004 and 2005. Its work will also assist KPMG’s audit.
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