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Former National Republican Campaign Committee (NRCC) Treasurer Chris Ward apparently acted alone in shifting $725,000 from the committee to his own accounts over a six-year period, according to a report released Thursday. “For years, Chris Ward submitted bogus financial audits to banks and concocted a scheme to direct NRCC funds to his personal accounts for his own selfish purposes,” said NRCC Chairman Tom Cole (Okla.). “Misappropriated funds and related accounting irregularities took nearly five months for financial experts to unravel, diverting precious financial resources and time that would otherwise have been devoted to our main job of electing Republicans to Congress,” Cole said.PricewaterhouseCoopers LLP conducted the audit for the NRCC, while Covington and Burling LLP ran an internal investigation. The document noted that neither firm interviewed Ward or was given access to “to potentially relevant documents that may have been in his possession, including his personal bank records.” PricewaterhouseCoopers LLP recommended several changes for the NRCC in the wake of the scandal. It said Republicans should adopt a more formalized accounting practice with increased oversight over procedures and reconciliation of the NRCC banking statements and books. The report said the NRCC had already adopted recommendations requiring two signatures on all wire transfers, and that it meet with outside audits on an annual basis. The full report can be found on The Hill’s Briefing Room website. |
