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Beauregard Parish Airport District 1 audit report notes issues with bank reconciliations, financial reporting

FROM STAFF REPORTS
BEAUREGARD PARISH -- A recent independent audit report on Beauregard Parish's Airport District 1 uncovered some problems with bank reconciliations and other financial reporting issues.

The report, for the fiscal year that ended Dec. 31 2013, was conducted by DeRidder certified public accountant, John A. Windham.

Auditors found that the airport district's bank account was not being reconciled on a monthly basis. Airport officials said it was due to a computer crash at the Beauregard Parish Police Jury Office where the account is reconciled. They said the crash led to a delay.

"As of the beginning of field work in May 2014, the bank account had not been reconciled since September 2013," the report states.

"Management did not know the balance in the bank account for over eight months. This can lead to inaccurate financial reporting to the board. When the bank account was reconciled, the cash amount on the financial statements that were presented to the auditor for audit had a difference of over three thousand dollars," the report continues.

Auditors also say that documents were not furnished in a timely fashion.

"The information was requested at the beginning of field work on approximately May 8, 2014 and several times thereafter. The correct bank reconciliation, salary and benefits summary and accounts payable documentation were given to the auditor on June 20, 2014, leaving only ten days for the auditor to complete the field work and prepare the audit report by the statutory deadline of June 30, 2014," the report states.

In response to the findings, airport officials say they are working toward correcting problems.

"The Beauregard Parish Airport District 1 will reveal these findings to the Beauregard Parish Police Jury and insist that these discrepancies are corrected," wrote airport manager, Sam Lack.

The Beauregard Parish Police Jury assists the agency with some of its financial record-keeping.

Airport district finances also show an income loss from operations of $284,334.

You can view the full audit report HERE.
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Topics : Business_Finance
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