William Smith enjoying life (U.S. Attorney photo)

Better late than never? More than $40 million late.

The Detroit Riverfront Conservancy, which saw its Chief Financial Officer, William A. Smith, steal more than $40 million over a span of more than 11 years, has announced major reforms to create more checks and balances to avoid a future scandal.

The Detroit Free Press reports:

The steps include enacting a formal whistleblower policy, setting up an ethics hotline, rotating auditors to “ensure fresh perspectives,” shrinking its board from 55 to 30 members, and limiting their terms to nine years, according to a Monday press release.

Other reforms include the audit committee hiring an independent firm every three to five years to review internal controls, in line with industry best pract

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