News from State Auditor Crit Luallen's Office: See the audit report for Full Details |
Crit Luallen |
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(Frankfort - April 1, 2004)
The Office of Auditor of Public Accounts today released the audit of Louisville - Jefferson County Metropolitan Government for the fiscal year 2003, ending last June 30. The Auditor's office is required by the legislation authorizing the creation of Louisville Metro Government to perform this audit annually. The State Auditor's Office issued an unqualified opinion, which means that the financial statements fairly represent the financial condition of Louisville Metro.
Seventeen findings with recommendations are included within the audit. They include the following three material findings: Louisville Metro needs to implement strong management and internal controls over financial reporting process; internal controls over reporting fixed assets should be developed and implemented; and immediate implementation of control procedures over cash management functions is needed, including the timely completion of bank reconciliations. Material findings are those that could have a significant impact on Louisville Metro's financial statements. Each of the seventeen findings is followed by the response of Louisville Metro Government. "The responses show a good faith attempt to improve the new government's financial reporting processes," said Auditor of Public Accounts Crit Luallen. She continued, "It is clear from our findings that the merger of the financial systems of the former City of Louisville and Jefferson County has been a very difficult and complicated process. We anticipate, and expect, Louisville Metro Government's next fiscal year audit to show marked improvements." The timeframe of the audit covers the six months prior to, and the first six months of, the new government. The audit began August 2003 and was headed by the Division of Financial Audits, with assistance from the Quality Assurance and Consultation Division. Over 7,000 auditing hours were needed to complete the audit. The Audit staff involved in the Louisville Metro Audit included Jim Carpenter, Mike Cruse, Judy Spalding, David Pohl, Farrah Duvall, Jason Johnson, Ashley Grace, Ed Lentz, Libby Carlin, Charlene Daniels, Cindy James, and David Pitts. |
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