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KPMG finds gaps in accounting controls; board approves amended FY2026 budget after May restatement
Summary
KPMG told the Hospital Authority board it discovered problems in invoice recording, payroll controls, leases and inventory tracking. The board approved an amended FY2026 budget and heard that May financials were restated after a $9 million issue; a new controller was introduced.
The Hospital Authority board voted to approve an amended fiscal year 2026 budget on a motion from the board and a second; the motion passed. The vote followed a presentation from KPMG that identified weaknesses in accounting processes and a restatement of the hospital's May financial statements after a material discrepancy was found.
KPMG partners Hillary Simic and Chris Dixon gave the board a summary of a month-long diagnostic engagement, saying the firm had identified “symptoms” across invoice intake and recording, leased-equipment accounting, payroll controls and inventory management that reduced the reliability of monthly financial reports. “The process for intaking and recording invoices is problematic. There are multiple ways and multiple people performing this,” Dixon said, adding that the result was difficulty in understanding monthly expenses and forecasting. Simic outlined a sprint-based remediation plan…
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