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Board Report: 2023-FMIC-B-007 May 8, 2023

Board Purchase Card Program Controls Are Generally Effective and Can Be Further Strengthened

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The Board's purchase card program, which streamlines the purchase of certain goods and services, had more than $6.5 million in transactions in 2020–2021. We assessed whether the purchase card program controls ensure that applicable laws, rules, regulations, policies, and procedures are followed and prevent and detect fraud and misuse.

We found that the Board's purchase card program controls are generally effective. However, approving officials could review and approve transaction logs more timely.

This report contains a recommendation.