Missed red flag: Over-budget audit bill

by

Ed.

From veronews.com: (US context) The City of Vero Beach Finance Department failed to complete its FY 2022-23 audit on time, resulting in penalties and the freezing of over $32 million in grants.

Despite hiring the national accounting firm Cherry Bekaert and spending nearly $82,000—more than double the budgeted amount of $38,000—issues persisted that delayed the audit.

The delay was exacerbated by the finance staff being diverted to other priorities, and a lack of urgent communication about budget overruns contributed to the ongoing crisis.

Filed under: Accounting & Audit