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Board Report: April 17, 2007
Each year, we contract for an independent public accounting firm to audit the financial statements of the Board. KPMG LLP, our contracted auditors for the 2006 financial statements, planned and performed the audit to obtain reasonable assurance that the financial statements were free of material misstatement. The audit included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. The audit also included an assessment of the accounting principles used and significant estimates made by management, as well as an evaluation of overall financial statement presentation.
During the reporting period, the auditors completed fieldwork related to the Board's audit and issued the audit report. In the auditors' opinion, the Board's financial statements presented fairly, in all material respects, the financial position of the Board as of December 31, 2006; and the results of its operations, and its cash flows, for the year then ended, in conformity with accounting principles generally accepted in the United States of America.
To determine the auditing procedures needed to express an opinion on the financial statements, the auditors considered the Board's internal controls over financial reporting. Although the auditors' consideration of the internal controls would not necessarily disclose all matters that might be material weaknesses, they noted no such matters. However, the auditors noted a matter involving internal controls over financial reporting that they considered to be a significant deficiency. The matter related to controls over recording disbursement transactions, posting accrued leave, billing and monitoring receivables, recording property transactions, and preparing financial statement disclosures.
As part of obtaining reasonable assurance about whether the financial statements were free of material misstatement, the auditors also performed tests of the Board's compliance with certain provisions of laws and regulations, since noncompliance with these provisions could have a direct and material effect on the determination of the financial statement amounts. The results of the auditors' tests disclosed no instances of noncompliance that are required to be reported under Government Auditing Standards.