Finding Text
2022-001 Accurate Financial Reporting Statement of Condition: The City's June 30, 2022 financial statements were restated to properly reflect the net position of the fiduciary fund. Criteria: Accounting policies and procedures should be designed and implemented in order to ensure that new accounting pronouncements are implemented by the effective date. Cause: Oversight in the application of a recently issued GASB accounting pronouncement. Effect: A recently issued accounting pronouncement was not fully implemented which resulted in a required change in presentation to the City's fiduciary fund financial statements. Recommendation: We recommend that the City revise current procedures to affirm that new accounting pronouncements are properly applied. View of Responsible Officials: The accounting pronouncement was recently adopted and in the implementation one aspect of the pronouncement wa ed. Further pronouncements will be carefully reviewed prior to implementation.