Beaumont LAIF vs Audit – If the Auditors Didn’t Verify the LAIF Account, What Did They Verify?

By: Libi Uremovic | Original Article at patch.com

2015-04-29b

The job of the Auditors is to verify the amounts given to them by the agency. Verifying the Local Agency Investment Fund (LAIF) Account is the easiest task of the entire audit because it is a One-Page report.

A comparison of Beaumont’s LAIF Accounts with the GAAP Audit shows that the Auditing Firm of Moss Levy Hartzheim could not possibly have verified the LAIF Account in the last 4 year, which begs the questions:

The City of Beaumont paying $35,000 for what?

FYE 2011 LAIF = $5,845,722; AUDIT = $14,928,302

FYE 2012 LAIF = $1,863,577; AUDIT = $10,457,083

FYE 2013 LAIF = $10,869,713; AUDIT = $17,261,820

FYE 2014 LAIF = $11,879,904; AUDIT = $17,487,164