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Village of Brady Lake's Financial Records "Unauditable"
Columbus – As a result of inadequate financial records, Auditor of State Dave Yost placed the Village of Brady Lake (Portage County) on the “unauditable” list.
“Poor records lead to poor service for taxpayers,” Auditor Yost said. “Auditable records must be provided to complete the audit and ensure accountability to the citizens of Brady Lake.”
During the course of the regular financial audit of Brady Lake for the period January 1, 2010 through December 31, 2011, the Auditor of State’s office determined that the condition of the village’s financial records were not adequate to complete the audit. In a letter to the village, the Auditor of State’s office provided a list of records required to complete the audit.
Within 90 days of the date of the letter, Brady Lake must revise its financial records and provide the necessary data. Failure to bring records to an auditable condition may result in legal action, including the possibility of the attorney general issuing a subpoena to the village’s clerk-treasurer and mayor to explain the condition of records. The attorney general may also file suit to compel the clerk-treasurer and mayor to prepare and/or produce the required information.
The Auditor of State’s Local Government Section (LGS) is available to village officials to assist in bringing records to an auditable condition. LGS provides a wide variety of services to local governments, including reconstructing financial records and aid in the reconciliation of books.
An entity is removed from the “unauditable” list once the audit is completed and released to the public.
The Auditor of State is one of five independently elected statewide offices under the Ohio Constitution. Auditor Yost’s office is responsible for auditing over 5,600 state and local government agencies. Staff also works in partnership with state and local governments to deal effectively with financial, accounting and budgetary issues.