Comments on Advance Indiana™: Daniels' Administration Whitewashes CIB Audit, Big Surprise

Jon, That audit statement is dated May, 2009. It w...

2009-08-20T20:53:17.893-05:00

Jon, That audit statement is dated May, 2009. It was never released to the public during the public debate over at the legislature. The auditors had no choice but to mention the $15 million since it had already been raised publicly by Pat Early months earlier.

The CIB dropped the INDEPENDENT Financial Audit pr...

2009-08-20T07:59:37.181-05:00

The CIB dropped the INDEPENDENT Financial Audit prepared by a Professional Accounting firm at its last meeting, leaving only a brief financial review by the State Board of Accounts.

Seems pretty stupid when they have so many people questioning the accuracy of the CIB books , that they drop a professional accounting firm and give all the responsibility to the State Board of Accounts which has failed to read the Independent Financial Audit and Red Flag huge problems for over 17 years.

Bring Back The Professional Independent Financial Audit With State Board of Accounts Review!!!!!

So what purpose is there in an unaudited section o...

2009-08-19T22:54:38.789-05:00

So what purpose is there in an unaudited section of an audit? I did briefly peruse the document and was amazed at the amount of obfuscation the document offered. All we really need is an executive summary, aka statement of changes of financial positions; what do we own, what do we owe, what is our cash flow? I don't think I need 208 pages for that.

Did you notice this in the audit?

" While the CIB also budgets for certain capital improvement costs and debt service costs, such expenditures do not require City-County Council approval and may be amended by CIB Board approval." (p44 annual budget)

So in short, even though the CIB is required to publish a budget and that budget be approved by the City Council if they feel like adding some more costs there isn't any oversight or control by the City Council.

If you read those audit reports, you would have no...

2009-08-19T22:21:38.874-05:00

If you read those audit reports, you would have no idea how precarious the financial woes of the CIB actually are. There was certainly a disconnect between what's in those audit reports and what we've been told by the CIB's management the past six months.

State board of accounts audits are primarily for m...

2009-08-19T22:13:18.297-05:00

State board of accounts audits are primarily for malfeasance, theft and whether or not you are using the proper state accounts. They do not audit the reasons and rationale of where the money was spent nor the amount of money spent.
The fact that the CIB follows generally accepted rules of accounting and the state requirements is not the issue.