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Audit office recommends filing Wayne County Detroit CDE financials; notes missing MD&A and low activity
Summary
The Office of the Auditor General told the Wayne County Commission Audit Committee it found no issues that would lead it to conclude the Wayne County Detroit Community Development Entityfinancial statements are not presented in conformity with GAAP, but flagged a missing management discussion and analysis and low program activity.
The Office of the Auditor General recommended the Wayne County Commission receive and file the limited review of the Wayne County Detroit Community Development Entity(CDE) audited financial statements for the year ended Aug. 31, 2024, at a meeting of the Wayne County Commission Audit Committee.
The recommendation followed a limited review by OAG staff that found the CDEreceived an unmodified auditor opinion but omitted a management discussion and analysis (MD&A) and a budgetary comparison schedule that the Governmental Accounting Standards Board and generally accepted accounting principles (GAAP) expect to accompany government financial statements.
Erica Jones, principal senior auditor with the Office of the Auditor General, said the CDE's external auditor, Allen Young and Associates, issued an unmodified opinion on the audited financial statements for the year…
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