P’burg without ‘significant’ issues in recent financial audit

PRESTONSBURG – The most recent audit of financial statements for the city of Prestonsburg came back with no outstanding issues, according to reports to the city from White and Associates, the accounting firm who handled the numbers. However, auditors did find some areas that needed improved.

Though only recently released, the audit results date back to March 20 and cover the time ending June 30 of last year.

“The financial statement disclosures are neutral, consistent, and clear,” the report said, adding that there were no obvious problems that came up during the look into the city’s finances. “We encountered no significant difficulties in dealing with management in performing and completing our audit.”

Those issues that did arise during the audit were corrected by management at the time they were made aware, the audit states. These included transfers, receivables, payables, revenues, and expenses, as well as compensated absences removed.

During these fiscal audits, city officials have the option to seek a second opinion and, in essence, hire another accounting firm to double up on the audit, but Prestonsburg officials did not seek a second option, according to the firm.

Other issues were found and pointed out, according to the audit. In the report, auditors said in their review of meeting minutes, “we noted certain proprietary funds boards are not meeting on a regular basis and budget vs actual financial statements were not being reviewed or approved.”

The audit recommended the boards in question hold regular monthly meetings and at each board meeting review financial statements, adding that those statements needed to be reviewed and approved on a regular basis.

comments powered by Disqus