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CY2020 Financial Audit Acceptance
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DESCRIPTION: CY2020 Financial Audit Acceptance |
AGENDA NO: Click or tap here to enter text. |
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ACTION REQUEST: ☒ Approval ☐ Review Comment ☐ Information Only ☐ Other |
RECOMMENDATION:
recommendation
Acceptance of the 2020 Financial Audit conducted by Carr, Riggs & Ingram
ISSUE/BACKGROUND:
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Carr, Riggs & Ingram has conducted and completed the financial statement audit for the year ending December 31, 2020 in accordance with Generally Accepted Auditing Standards.
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DISCUSSION:
Acceptance of the 2020 Financial Audit is requested from the Board of Commissioners
RTA received an unqualified audit opinion after Carr, Riggs & Ingram conducted a thorough review of internal systems of control, financial statements and supporting documents.
Overall, the audit results indicate that there were no findings related to the financial statements reported for the year ended December 31, 2020.
However, in the annual letter to management Carr, Riggs & Ingram noted that RTA management did not properly monitor the self-insurance case reserves and structured settlement liabilities throughout the fiscal year to ensure the self-insurance case reserves and structured settlement liabilities were accurately stated at the estimated ultimate loss of settlement as of December 31, 2020.
RTA agrees with the recommendations and has incorporated and communicated changes to the policy and procedures to ensure that management monitors the changes to self-insurance case reserves and structured settlement liabilities provided by the third-party administrator and outside attorneys. In addition, RTA will review and record these changes to the financial statements on a quarterly basis. This will ensure the proper recording of changes to self-insurance case reserves and structured settlements.
FINANCIAL IMPACT:
NONE
NEXT STEPS:
NONE
ATTACHMENTS:
Board Resolution
2020 Financial Audit Report
Prepared By: Dacia Johnson
Title: Administrative Analyst
Reviewed By: Mark Major
Title: Deputy Chief Financial Officer
Reviewed By: Gizelle Banks
Title: Chief Financial Officer
7/22/2021
Alex Wiggins Date
Chief Executive Officer