Finding Text
Criteria:Internal control systems should include personnel with sufficient education, training and/or experience to prepare financial statements in accordance with generally accepted accounting principles (GAAP) including all required disclosures. Condition: Absence of personnel with the sufficient education, training and/or experience to prepare financial statements in accordance with generally accepted accounting principles Cause: Due to the small size of the Authority and the limited number of accounting personnel, no individual is skilled in the preparation of financial statements in accordance with generally accepted accounting principles including all required notes. Effect: During the course of our audit, we prepared the financial statements; however, management of the Authority thoroughly reviewed them and accepted responsibility for their completeness and accuracy. Recommendation: Continue to use the services of the external audit firm to prepare the Authority’s financial statements in accordance with generally accepted accounting principles. Management's Response: The Authority agrees with the finding. It will continue to use its external auditors to prepare its financial statements. Management will continue to thoroughly review and accept responsibility for the completeness and accuracy of the financial statements.