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County finance committee says bank reconciliations must finish before FY24 audit can close
Summary
Finance and audit discussion revealed that reconciliations for FY23 need correction and clearance of suspense entries before the FY24 audit can be completed; an outside provider is working with the treasurer on a target date of Jan. 20 for completion.
Committee members reported that the county cannot complete the FY24 audit until bank reconciliations and cash-account issues dating back to FY23 are resolved. "We can't move forward with the f y 24 audit until the bank reconciliations and the cash accounts are reconciled," a county official said, adding that activity after year-end left items in suspense and that the auditors required matching the reconciliations to the audited reports.
Officials said the county hired outside assistance working directly with the treasurer’s office. "The outside provider... has found some stuff," the official said, naming the consultant Melody Fields as involved in the reconciliation work. The participants said the reconciliations are in progress and that the target completion date for the work being done with the outside provider is Jan. 20; completion would permit the auditors to proceed with FY24 close-out.
Board members sought a final report from the consultant once the reconciliations are complete. Staff said they would provide the final results to the board or the finance committee in the next few weeks. No formal policy change or disciplinary action was recorded at the meeting; the discussion centered on workflow, outstanding accounting entries and external support to close the audit.
