Cuyahoga County wants to hire Ernst & Young (EY) to improve its economic development loan program after procedural problems were identified, Cleveland.com reports. The county “loaned millions of dollars to 270 companies over the past decade,” but paperwork on many of the loan repayments is missing, according to the article. Cuyahoga County wants to hire EY “to audit a portion of the loan files, assist with developing policies and procedures and reframing the loan program to clarify vision, strategy and planned impact.” The county is “hiring a forensic auditor, compiling a special team and working with accountants to solve the problem, with a goal of issuing a report and coming up with policies and procedures by June 30.” For more, read the full article.
