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Audit letter flags staff qualifications and internal-control items for Hainesville
Summary
An external audit letter noted internal-control deficiencies and said the village lacks staff with the training to prepare audited financial statements; trustees and the treasurer discussed next steps, including fraud assessment and IT policy work.
Hainesville trustees reviewed an external audit management letter that warned the village lacks certain internal controls and staff qualifications needed to prepare audited financial statements.
The audit letter and board discussion focused on responsibility for financial reporting. An auditor reminded the board that "management is responsible for the accuracy of the financial statements and for ensuring that there is a proper internal control system in place." A board member reading the letter highlighted the passage that "the village currently does not have anyone on the staff with the relevant…
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