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Local Development Corporation audit flags missed closing entries; board seeks quarterly accounting support
Summary
Glens Falls LDC accepted a draft 2024 audit that identified prior-year closing entries that were not posted. The board instructed staff to pursue periodic accounting assistance to ensure post-audit adjustments are recorded timely.
The Glens Falls Local Development Corporation accepted a draft independent audit for fiscal year 2024 that contained an internal-control finding: several audit adjustments from the prior year had not been recorded in the LDC's books, the auditor reported during the March 27 meeting.
Jean Lapper, the accounting representative presenting the audit, said the auditors issued an unqualified opinion but disclosed that a small set of prior-year closing entries and reclassifications had not been booked. Lapper said the items did not constitute a material misstatement of the financial statements but…
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