W. Va. WCBM Hires Internal Auditor

June 7, 2004

The Workers’ Compensation Board of Managers has hired an internal auditor to monitor the accounts, records and fiscal affairs of the West Virginia Workers’ Compensation Commission.

Melissa Wood of Charleston, a certified public accountant, will begin her new duties as director of internal audit on July 6.

“We’re delighted to have someone of Melissa Wood’s experience and expertise to fill this vital role,” said Bob Phalen, chairman of the Board of Manager’s Audit Committee, which oversaw the selection process. “This was a very difficult decision and I believe we arrived at the very best candidate for this position.”

Wood currently is director of transportation auditing for the West Virginia Department of Transportation, a position she has held since 2002. She previously served as audit manager for Arnett & Foster, PLLC, from 1988 to 2002 and as a staff auditor for KPMG Peat Marwick from 1986 to 1988.

She will report directly to the board’s Audit Committee. “This position is as important as any we will fill from the Board of Managers standpoint,” Chairman Steve White remarked. “This is something entirely new for the board and for the Commission.”

The Audit Committee received 24 applications for the position and interviewed 15 applicants April 21-23. The committee conducted a second round of interviews for eight candidates in early May, then reduced the field to three before making its final selection.

The full Board of Managers formally approved the selection during a meeting last Thursday in Charleston.

Wood’s responsibilities will include the evaluation of the adequacy of financial, management and operational controls; compliance with established policies, plans and procedures; the reliability of financial and operational data developed within the Commission; and the appropriation of audit reports and recommendations.

She will be responsible for development and oversight of an internal control document known as a Process Model that defines the Commission’s significant business processes, objectives, risks, controls, key performance indicators and other pertinent information, and for conducting an annual risk assessment of these processes.

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