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Taylor Declares Village of Covington “Unauditable”
Miami County -
Auditor of State Mary Taylor today declared the village of Covington “unauditable” for fiscal years 2006 and 2007. An unauditable designation means that records and documents necessary to conduct a routine financial audit are missing, incomplete or inaccurate.
“Village officials must maintain proper records of their financial activity in accordance with state law and established record-retention schedules.” Taylor said. “The failure to do so increases the potential of misspending or theft of public funds.”
In a letter sent to village officials on February 27, 2009, Taylor indicates that her office was unable to obtain the following financial information:
- Monthly bank reconciliations for February 2007 through December 2007
- A complete listing of all financial transactions
Village of Covington officials can contact the Auditor of State’s Local Government Services (LGS) section for assistance record keeping deficiencies.
The letter also states that the Auditor of State reserves the right to pursue legal action if village officials fail to revise financial records and provide information necessary to complete the audit.
The village will remain unauditable until all financial documents are obtained and the final audit report is released publicly.