Controller: audit filed with state; corrective action plan required after GASB 84 finding
County Controller Paul Compo said the annual audit is complete and filed with the state but required a Corrective Action Plan after auditors identified a deficit in a fund tied to GASB 84; the fund was reconciled and the CAP was submitted to the state.
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Paul Compo, County Controller, told the board the audit has been completed and filed with the state but that auditors required a Corrective Action Plan. Compo said auditors reconciled a sub-general fund tied to bond payments under GASB 84 and identified a $495,745 deficit where internal reporting had shown $14,446 positive; the Corrective Action Plan was filed with the state to address the discrepancy.
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