10 Year Audit Report Examples from the City of Palm Springs
Beaumont Finance Director Melana Taylor and Councilman Nancy Carroll Wallow in their Ignorance of an Audit’s 10 Year Reports
Attached are samples of 10-Year Reports from the City of Palm Springs that accompany normal Audited Financial Statements.
It’s not ‘just’ that Beaumont’s 2016 Audited Financial Statements do not include 10 Year Reports. The 2016 Audit is so riddled with fraud and material misstatements that lack of 10-Year Reports is the least of the City’s problems.
But Beaumont’s Finance Director Melana Taylor is so ignorant of Audited Financial Statements that she didn’t even know what they were. Taylor had never heard of 10-Year Reports that accompanied normal Audits.
And of course Beaumont City Councilman/Audit and Finance Committee Member Nancy Carroll had to blabber on about how she’s never heard of a 10-Year Report and ask the other members of the Audit and Finance Committee if any of them had ever heard of such an outlandish thing.
Finally Van Lant stands up and explains what 10-Year Reports are and Taylor’s Response was “We’re not ready for that.”
The FBI Raids were almost three years ago. It should have only taken a few months to set the City’s books, but the City never hired staff. There isn’t even a Finance Department, there’s only Melana Taylor.
50:00 Carroll: There’s been some question about there’s some 10-Year Report that missing from this Audit. Have you ever heard of a 10-Year Report that would have been included as part of this?
Taylor: No. I’m not sure what that would be.
Carroll: I know. Do you guys know of any 10-Year Report that would be in here?
Male Board Member: No, there’s nothing in GASB or GAAP or anything.
51:00 Carroll: I know. I think they’re thinking of publicly traded companies maybe that have had problems.
Van Lant: There is a section in the RSI regarding supplementary information with regards to the pension liabilities that …
Carroll: Yea, that was the only one I could find for 10-Year.
Van Lant: You’re required to report 10 years of information there, but because GASB 68 was only implemented in 2015 Fiscal Year; you only have two years of information. It’s not prospective, it’s …
Carroll: It’s just a mistake I think.
Van Lant: There’s statistical information in a full-blown Comprehensive Financial Report, which is not required. There’s statistical in there that you’re supposed to list 10 years of various information. That’s outside of the Audit.
Taylor: We’re not ready for that yet.