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Controller: audit filed with state; corrective action plan required after GASB 84 finding
Summary
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.
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.
Compo characterized the finding as tied to implementation and reporting under GASB 84 and described other routine annual findings stemming from the county's practice of not producing internal full financial statements. The board received the report; no immediate policy vote was taken during the meeting.
