Finding Text
2022-004 General - Financial Statement Preparation In connection with the audit of the Borough's financial statements, like most smaller local governmental entities, management has requested that the auditors assist in the drafting of the schedule of expenditures of federal awards. Effect: Borough management has determined that it is more cost-beneficial to utilize the services of its auditors to assist in drafting financial statements, as opposed to hiring a professional accountant trained in such matters. Population and Items Tested: N/A; Finding is based upon the understanding and review of the internal control system. Auditor's Recommendation: Management should prepare the financial statements and related notes. The Borough's planned corrective action is in its Corrective Action Plan at the end of this report.