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MONTHLY REPORTING UNRECONCILABLE TO ANNUAL REPORTING <br /> One of the key fundamental issues in this initiative is that the monthly ad-hoc reporting may be prepared on a basis of <br /> accounting that may differ from the basis of accounting used to prepare the year-end audited financial statements and <br /> that the monthly ad-hoc information will not be "validated." In our view, there are at least two potential issues with <br /> monthly ad-hoc reporting of revenues and expenditures as proposed: <br /> 1. Auditors will be unable to "reconcile" the monthly revenues and expenditures to the audited financial <br /> statements since they will conceivably be presented on different"basis of accounting"; and <br /> 2.The value of the information to the state and to potential users accessing the state's reporting system will be 561- <br /> 324-4272 <br /> 561-324-4272 <br /> compromised because the data is "unfiltered." Basically, what the state would be saying by posting these <br /> unaudited numbers is, "here are some numbers for you to review but we will not give you any assurance that <br /> they are correct." <br /> w. 8 <br /> 90 <br />