Tuesday, September 14, 2010

Auditor's Management Letter *CORRECTED FY08*

[ED NOTE CORRECTION & APOLOGY: The letter was originally posted as applying to Fiscal Year 2009 in error - correction this is the Fiscal Year Ended September 2008. Apologies to the current administration for the mis-posting of the date information.]

City of Wilmer FY08 Auditor's Management Letter is now available online. The five page "confidential" report list two "material" and 24 "serious" weaknesses in our city's financial management practices.

Click Here to View the Wilmer 2008 Audit Report Management Letter.

City Auditors listed the "Preparation of Financial Reports" and "State Court Costs & Reporting" as two material weaknesses, explanation follows:

A deficiency In internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis.

A material weakness is a deficiency, or combination of deficiencies in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected on a timely basis.

1 comment:

Editor Publisher said...

Thanks to Mayor Steele for pointing out our error.

The Audit Report referred to by the Management Letter was for the fiscal period ending September 30, 2008.

The Audit Management Letter was dated July 27, 2009 approximately 10 months into the next fiscal year.