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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.
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 submi...
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