Braun administration launches forensic audit of IEDC amid allegations of financial 'impropriety'

Following a series of internal investigations into the Indiana Economic Development Corporation, the Braun administration is launching a forensic audit. Secretary of Commerce David Adams said there are enough questions that a "comprehensive look" is necessary.

The Hannah News Service published an investigation earlier this week detailing allegations of ethics violations and self-dealing by staffers employed by IEDC-affiliated organizations, including Elevate Ventures.

"It really said, you know what we need to do here, is a comprehensive forensic audit of not just the IEDC, but all of its affiliated entities," Adams said.

Adams said the administration doesn't yet have a complete scope of those allegations — but he said a forensic audit would fill in those missing parts.

"This forensic audit is a very different type of audit," he said. "That's looking beyond just the financials, but is looking into specific transactions as well as processes."

Adams said the Braun administration is looking at national firms to conduct the audit and expects to have one hired within the next few weeks.

Elevate Ventures CEO Christopher Day, who was mentioned in the Hannah News Service investigation, challenged the allegations in a statement.

"We will continue to operate with transparency and are eager to participate in the forensic audit as directed by the governor to correct the record on factual inaccuracies and misrepresentations made by anonymous sources," Day said.

Funds allocated to Elevate Ventures have been frozen "until further evaluation."
 

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Gov. Mike Braun said the IEDC has filed the financial reports he demanded in an April 8 executive order. He said the audit puts the agency on the path to "greater transparency."

"We're not rushing to any conclusions," Braun said. "We want to make sure things are reviewed independently. Only then will we take any and all appropriate action."

The forensic audit will be paid for by IEDC funds and is expected to take between six and 12 months to complete.

Adams said no issues were raised during previous, regular financial audits of the IEDC.

Lauren is our digital editor. Contact her at lauren@ipbnews.org or follow her on Bluesky at @laurenechapman.bsky.social.