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Auditors, finance staff point to ERP conversion and accounting reclassifications behind draft differences
Summary
CLA and finance staff said an ERP conversion and report reprogramming led to report timing issues and at least one reclassification that increased reported investments by about $2 million; staff and auditors will reconcile quarterly holdings to the ACFR.
Katrina in the finance department told council that the city's recent ERP conversion produced many "canned reports" that did not match audit needs and required consultants and custom programming to produce audit-ready schedules. "There are a lot of canned reports that don't actually give you what you want," Katrina said, adding that hired consultants helped expedite necessary reporting.
Council and CLA also discussed an accounting reclassification required by auditors: accrued interest had been moved from a cost basis into investments at market, which Katrina said "increased that report by 2,000,000 plus." CLA and finance agreed to update the quarterly holdings report and produce a reconciliation showing where those differences appear in the draft ACFR.
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