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State audit finds accounting gaps, compliance shortfalls at Colorado Department of Labor and Employment
Summary
A statewide audit presented to the Legislative Audit Committee identified unrecorded payables, overstated deferred revenue and employer noncompliance in the new paid family and medical leave program, and a separate programming error in the UI rate system that led to about $5 million in employer overpayments.
The Legislative Audit Committee heard a presentation on findings from the fiscal year 2024 statewide financial and compliance audit that identified multiple accounting and compliance problems at the Colorado Department of Labor and Employment (CDLE).
The Office of the State Auditor reported that CDLE failed to record a $127 million payable in the state's CORE accounting system related to exemptions granted to employers under the state's paid family and medical leave program, overstated deferred revenue by more than $51 million, and identified roughly 4,100 employers that registered for the family program but never paid premiums or reported wages.
"This morning, we will be presenting 2 findings and recommendations for the Department of Labor and Employment that are more significant findings," said Marissa Edwards, deputy state auditor, introducing the department-specific section. The audit also found that the department lacked a documented reconciliation process to support program balances in CORE and had not analyzed how many employers required to register had failed to do so.
Tracy…
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