DOLA presenter urges stronger audit practices and careful fund structuring
The DOLA adviser urged Lake County to keep audits and fund structures current, warned that audit laws in Colorado have limited enforcement teeth, and recommended using auditors as consultants to clean up fund structures.
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Randy (S6) told commissioners that while audits are a useful tool for public accountability, Colorado—s audit laws "don't have teeth" in some cases and local governments must proactively stay current to avoid problems. He recommended early engagement with audit firms, use of auditors as consultants to suggest fund cleanup, and conservative assumptions for cyclical revenue such as severance or mineral distributions.
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