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State audit finds three minor issues; Utah Lake Authority staff outline corrections and tighter bookkeeping
Summary
The authority's annual state audit identified three issues — an incorrect year-end balance, a fiscal-year transaction posted to the wrong year and late filing of compensation data — and staff described corrective steps including contracting Paramount/QuickBooks and tighter procedures.
The Utah Lake Authority’s annual audit, conducted by the state auditor’s office, identified three findings the authority classified as minor. Sam (interim finance lead) briefed the board on corrective steps and said the audit committee was satisfied with the response.
According to staff, the audit noted: (1) an incorrectly reported fiscal year-end balance in the previous report; (2) a transaction from an earlier fiscal year that was recorded to fiscal year 2024 due to spreadsheet errors; and (3) late filing of required compensation data. Sam said the mistakes were partly attributable to staff transition and to prior use of Excel spreadsheets rather than an accounting system.
"We've brought on Paramount and set up QuickBooks," Sam said, adding that the authority has already filed the compensation data within a week of being notified and that Paramount will help manage monthly, quarterly and annual reporting going forward.
The authority’s audit committee — Curtis Blair, Ben Steierman and Sam — reviewed the findings and recommended the board accept the corrective actions. Chair Michelle Cauffusi and Vice Chair Carolyn Lundberg praised staff transparency and the corrective plan.
No formal action beyond public notification was required at the meeting; staff said they expect fewer issues in the next audit cycle now that accounting procedures and reporting roles have been clarified and that the authority met the audit deadline.
