An audit timeline…
Shortly after learning that some mutual fund investments were losing principal, in violation of township policy, and that Diane Young, daughter-in-law of Treasurer Alice Young, was earning commissions for the investments through Royal Alliance, the Orion Township Board decided to go forward with a forensic audit in hopes of clearing up the matter.
Here is a timeline of audit activities, as reported in The Review?
April 12, 2006?
‘Just two weeks after deciding against authorizing an investigation into the Orion Township’s recent investments issue, the Township Board of Trustees changed its tune, and approved an independent forensic audit at their April 3 meeting.?
July 19, 2006?
‘A small group of potential bidders gathered at Orion Township Hall on July 10, to learn more about the forensic audit situation involving township investments.?
Aug. 30, 2006?
‘In a rare 4-3 vote, the Orion Township Board of Trustees has selected The Whall Group of Auburn Hills to oversee a forensic audit that will look into township investments.?
Oct. 18, 2006?
‘The Township Board will go forward with The Whall Group as their forensic auditor, after narrowly rejecting a proposal to scrap the idea of an audit and then passing a motion to put a retainer agreement with the auditor in place.?
March 21, 2007?
‘A forensic audit, completed by The Whall Group at the request of the Orion Township Board of Trustees, is finished and available for the public to see.?
Today we are publishing a report on the contents of The Whall Group’s report. To see more of what the audit says, please see this web edition.
A special editorial on who is to blame and more can be found in this week’s ‘LO Down.”