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Kat's avatar

You are 100% on target, yet again. And, THIS crosses party lines; you don't see the Democrats standing up and crying about it Isn't bi-partisanship a lovely thing...? Both sides are after the little guy in Florida it seems.

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Pat-Tee's avatar

As a retired CPA I have to say that “Forensic” audits are rare and are usually only performed when fraud or embezzlement is suspected. Most counties and cities are required to have a financial audit. Financial audits do not look at everything, but sample and make judgements about the whole. Internal controls are reviewed and reported on. The reports on internal controls would be interesting see if the auditors noted any problems. Sometimes IC issues get taken out of a report after conversations with management, with management’s promise to fix the issue. That happens more often if the auditors noted firm is afraid of losing the job. Auditors sign off that the financials do not contain a “material” misstatement, which would change the user’s decision about the financial position. Unfortunately government audits, or yellow book, audits are not very high earning jobs and may be considered by some as “lower risk” since if a city or county goes bankrupt the state would probably bail them out.

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