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CY2021 Financial Audit Report
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DESCRIPTION: Request Acceptance of the 2021 Financial Audit and the Statewide Agreed-Upon Procedures Report 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 2021 Financial Audit and the Statewide Agreed-Upon Procedures Report 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, 2021, 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 2021 Financial Audit and the Statewide Agreed-Upon Procedures Report is requested from the Board of Commissioners.
Carr Riggs & Ingram conducted an in-depth review of internal control systems, financial statements, and supporting documents. In their evaluation of the data given to the OPEB Actuary, Carr Riggs & Ingram found a significant deficiency. To determine the entire OPEB Liability and its corresponding balances, the RTA provided incomplete census data through its third-party administrator for their OPEB plan, which led to underreporting of the total OPEB liability in earlier years.
This was attributed to a failure to thoroughly evaluate census data and information provided by the third-party administrator by someone other than the third-party administrator to find material inaccuracies.
As the values are estimated based on the available census data, the exact actu...
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