Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Audit Status And Auditor Recruitment topic
No spam. Unsubscribe anytime.
Auditors say numbers must stabilize before a draft; IFGID and consultant say audit close to completion
Summary
Baker Tilly and the district's engagement partner told a Department of Taxation subcommittee the FY2024 audit has been narrowed to a small number of open items but drafts depend on when adjusting entries stop moving; district staff requested an extension while warning that auditor scarcity and prior disclaimer complicate hiring.
Consultants and auditors told the Department of Taxation subcommittee the Incline Village General Improvement District’s FY2024 audit is close but cannot be completed until accounting entries stabilize, and district staff said they have requested a fifth extension to finalize the report.
Noemi Barter, a senior manager with Baker Tilly, said she was brought in at the end of February to help IFGID complete the audit, reduced an open‑item list from over 100 to about 17, and had submitted five items the previous day; she described an ongoing back‑and‑forth with the engagement auditor as work papers and reconciliations are revised. "If I'm able to complete everything today and tomorrow, there is still a back and forth between the auditors that will happen," Barter said, and she estimated the remaining back‑and‑forth could be accommodated within roughly two weeks.
Jennifer Farr, the engagement partner for Davis Pharr, said auditors are still receiving adjusting journal entries and that "the numbers need to stop moving" before the firm can prepare a draft financial statement; she suggested a three‑week turnaround from when numbers stabilize. Department staff and the subcommittee discussed setting a cutoff date for final entries so auditors can proceed.
Jessica O’Connell, IFGID’s director of finance, described significant personnel turnover in the finance department and said the district had engaged Davis Pharr and Baker Tilly and was working on reconstructing work papers; she asked for an extension to finalize the audit. General Manager Bob Harrison and trustee Mick Homan said they have been recruiting auditors for FY2025, contacted multiple firms (Harrison said approximately 24 firms), and reported difficulty because of limited audit capacity, underwriting concerns and the prior disclaimer of opinion.
Department staff said the district had requested an extension with proposed dates to file to the local government by April 30 and to the Department by May 1, and reminded members that NRS 354.624 authorizes the department to grant extensions. The subcommittee did not vote; members said they would bring the factual record to the full Committee on Local Government Finance at its meeting at the end of the month.
