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External auditor flags inspection noncompliance, questioned costs in 2023 SFHA audit
Summary
Benjamin Lau, the external auditor from MGO, presented the Housing Authority's audited financial statements for the year ended Sept. 30, 2023, and the related single-audit results at the Feb. 27 commission meeting.
Benjamin Lau, the external auditor from Messiah, Jeanne & O'Connell (MGO), presented the Housing Authority's audited financial statements for the year ended Sept. 30, 2023, and the related single-audit results at the Feb. 27 commission meeting.
Lau told commissioners MGO issued a modified opinion on the authority's financial statements and identified two emphasis-of-matter items, including the authority's concentration of federal (HUD) revenue and a long-standing going-concern issue for a discretely presented component unit, Plaza East Associates. He said one audited federal program received a modified opinion and the housing choice voucher cluster received a qualified opinion.
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