Town suffers from shoddy audit practices
August 20, 2012
Auditing and reporting are two of the most important facets of fixed asset management
, as improperly carrying out these duties could result in serious compliance and accounting issues. This is especially true for municipal governments, as public finances can never be wasted as a result of poor management.
The Sangre de Cristo Chronicle recently published an article that explained how Angel Fire, New Mexico, has just now completed its latest delinquent audit. According to the source, the town had not met the December 1 deadline - upheld by the New Mexico Department of Finance and Administration's Office of the State Auditor - for completed and reported audits in eight fiscal years.
Many of these delinquent audits, the source noted, were completed two to three years after the deadline. Village officials said that they will be firing the auditor who oversaw proceedings for the time in question as soon as the contract runs out at the end of the current fiscal year.
This town would likely benefit from a reliable third-party fixed asset management solutions provider. Tracking and reporting software, as well as audit assistance, helps municipalities ensure that all tasks are completed accurately and on time.