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CY 2024 Financial Audit, Single Audit & Statewide Agreed-Upon Procedures Acceptance
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DESCRIPTION: Request Acceptance of the 2024 Financial Audit, Single Audit & Statewide Agreed-Upon Procedures conducted by Carr Riggs & Ingram |
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 2024 Financial Audit, Single Audit & Statewide Agreed-Upon Procedures conducted by Carr Riggs & Ingram.
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ISSUE/BACKGROUND:
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Carr Riggs & Ingram has conducted and completed the financial statement audit for the year ending December 31, 2024, in accordance with generally accepted auditing standards in the United States of America and standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. The financial audit aims to ensure that RTA is accountable for public funds, has adequate controls to remain transparent in its economic activities, and remains compliant with state and federal laws, regulations, and award programs.
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DISCUSSION:
Acceptance of the 2024 Financial Audit, Single Audit & Statewide Agreed-Upon Procedures is requested from the Board of Commissioners.
Carr Riggs & Ingram conducted an in-depth review of internal control systems, financial statements, and supporting documents. Carr Riggs & Ingram reported three findings related to the financial statements:
2024-001 Related to RTA’s ERP system conversion, which required account analysis and cleanup of old legacy balances. Review procedures are now in place to ensure accuracy and timely reporting going forward.
2024-002 Regarding internal control over self-insurance case reserves and structured settlements. Coordination has been strengthened between legal staff, the third-party administrator, and internal staff to improve oversight and reporting.
2024-003 Compliance-related finding regarding late submission of the audit report, which is a statutory requirement when extensions are required.
Carr Riggs & Ingram reported no findings related to the Federal Awards in the 2024 Single Audit Report. The Regional Transit Authority received an Unmodified Opinion, which is the best opinion that you can receive related to the single audit and financial audit.
Carr Riggs & Ingram conducted the Statewide Agreed-Upon Procedures engagement for the fiscal year ended December 31, 2024, in accordance with the guidelines established by the Louisiana Legislative Auditor (LLA). The procedures focused on selected control and compliance areas applicable to the RTA.
Management’s Response to Statewide Agreed-Upon Procedures
• Written updates to audit corrective actions will be documented at each Finance Committee meeting.
Exception noted in SAUP Final Report.
• Bank reconciliations are current and being completed within two months of statement close.
Exceptions noted in SAUP Final Report.
• Procurement policies were updated to require proper documentation, business purpose, and receipt tracking through an automated purchasing card approval system.
Exceptions noted in SAUP Final Report.
FINANCIAL IMPACT:
None.
NEXT STEPS:
The Agency agrees with the recommendations regarding the findings related to the financial statements and statewide agreed-upon procedures. Internal processes will be reviewed and strengthened to support compliance and ensure timely completion of future audit submissions.
ATTACHMENTS:
1. Board Resolution
2. 2024 Financial & Single Audit Report
3. RTA Statewide Agreement Upon Procedures Final Report
Prepared By: Jessica M. Lang
Title: Business Analyst
Reviewed By: Gizelle Johnson-Banks
Title: Chief Financial Officer
10/22/2025
Lona Edwards Hankins Date
Chief Executive Officer