NASHVILLE – A revised Town of Bean Station FY 2019-20 audit has been uploaded to the Tennessee Comptroller of the Treasury’s website, and a letter has been issued to the Town.
The Comptroller’s Office asked the Town’s auditor to submit a revised version of the Town’s FY 2019-20 audit after an initial review revealed minor issues with the report, John Dunn, director of communications told Grainger Today.
The Comptroller’s office received the revised report Tuesday, November 23, Dunn said.
A letter issued to the Town Tuesday, November 30 by the Comptroller’s Office addressed what was observed during review of the revised audit report.
Repeat findings for Internal Control Over Financial Reporting and Compliance and Other Matters were addressed in the letter. Six of seven findings in the Town’s audit were repeat findings.
“Serious efforts should be made to strengthen the Town’s internal control and to ensure compliance in all areas where weaknesses or noncompliance were identified,” the letter states.
The omission of information regarding the Town’s participation in the Local Government Other Postemployment Benefits (OPEB) Plan (LGOP) in the audit as required by Governmental Accounting Standards Board Statement No. 75 was addressed. A recommendation was made that the Town refer to the 2020-21 edition of Codification of Governmental Accounting and Financial Reporting Standards for reporting guidance. It was also recommended the Town “ensure disclosures are consisted with the information provided by the Department of Finance and Administration.”
The omission of the State Street Aid Fund from the Town’s Summary of Significant Accounting Policies contained in the Notes to the Financial Statements section of the Town’s FY 2019-20 audit was also noted.
The letter states, “responsible officials should ensure that future reports submitted to our office address the above items.”