Fox Point - The village was found to be in good standing from an outside firm during a financial audit.
Wendy Unger, a CPA with independent auditing firm Baker Tilly Virchow Krause, presented the firm's findings at the Village Board meeting Tuesday.
Unger said the village received a "clean, unqualified opinion" - a term denoting that the village's recorded revenues and expenditures in 2011 are believed accurate.
But representatives from the auditing firm did find a few material weaknesses that have been reported to village officials in the past. There are not an optimal number of segregated duties between staff members at Village Hall, according to the firm's findings.
Smaller communities, such as Fox Point, generally have fewer staff members that juggle multiple tasks, while larger communities rely on multiple people to handle single tasks when it comes to financials.
"This is nothing serious," Unger said. "We viewed this as a material weakness, which is part of the system of an audit. For you, it becomes a question of a cost-benefit analysis when it comes to addressing this."
Another deficiency found during the auditing firm's review related to accounting software. Unger said the potential exists for a computer-savvy person to manipulate information on the village's existing mainframe.
"It's not to say that we believe this will happen, but we want to continue to make you aware of this," Unger said.
Both deficiencies have been reported to the village in the past by representatives of Baker Tilly Virchow Krause.
- Dave Fidlin
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