Finding Text
The Authority does not currently have a formal close process and does not maintain its general ledger in accordance with generally accepted accounting principles (GAAP). We specifically noted the following issues:Formal Close Process
Criteria: Generally accepted accounting principles in the United States of America provides that the design or operation of an internal control structure over financial reporting allows management or employees in the normal course of performing their assigned functions to prevent, or detect and correct, misstatements on a timely basis. This includes the need for an individual, not directly involved in the preparation of transactions or financial statement amounts, to provide a review of the work performed. There appears to be a general lack of control consciousness within the Authority.