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Auditor reports missing invoices; commission debates GAAP vs. regulatory basis under KSA 11‑20a
Summary
City auditors delivered a regulatory‑basis audit and reported 11 missing invoices from a sample, a significant deficiency. Commissioners discussed whether to waive generally accepted accounting principles (GAAP) under KSA 11‑20a or to budget for a GAAP audit in a future year.
Amanda Lancaster of Deal, Banwart & Bolton presented the city’s audit to the Fort Scott City Commission on Jan. 21 and summarized a regulatory‑basis engagement that produced an unmodified opinion for the regulatory basis but noted a significant deficiency related to missing invoices.
Lancaster explained the firm performed a regulatory‑basis audit and that the financial statements were “fairly stated” on that basis. She said the firm’s testing included sampling expenditures and that “out of 45 expenditures, 11 were not located in our normal testing,” which the auditors classified as a significant deficiency. She…
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