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Auditor General’s Office completes audit of state’s financial statements for fiscal 2024, highlights key financial operating results, and reports findings and management comments resulting from fiscal 2024 audit

 

STATE HOUSE – The Office of the Auditor General completed its annual audit of the state of Rhode Island’s financial statements for the fiscal year ended June 30, 2024. The Independent Auditor’s Report, prepared by Auditor General David A. Bergantino and included in the state’s Annual Comprehensive Financial Report (ACFR), is unmodified, indicating that the financial statements present fairly the financial position and changes in financial position of the state of Rhode Island in conformity with accounting principles generally accepted in the United States of America. The results of the required annual audit of the state’s financial statements are directed to the Finance Committee of the House of Representatives and the Joint Committee on Legislative Services – those vested with official oversight of the annual audit.

The ACFR is prepared by the state’s Office of Accounts and Control – Department of Administration and includes financial information on the funds and accounts of the state for the fiscal year ended June 30, 2024. It also includes comprehensive government-wide financial statements, which present the changes in the state’s net position inclusive of the capital assets and other long-term assets and liabilities.

The State’s ACFR is available on the website of the Office of Accounts and Control, Department of Administration, State of RI Annual Comprehensive Financial Report - Fiscal Year 2024.

The Auditor General’s website includes a Highlights from the State of RI Annual Comprehensive Financial Report document that summarizes key state financial operating results for fiscal 2024, and can be found at

Highlights from the State of RI Annual Comprehensive Financial Report.

In conjunction with the audit of the state’s fiscal 2024 financial statements, the Office of the Auditor General also issued its Findings and Management Comments Report, which is a formal communication of deficiencies in internal control over financial reporting and material noncompliance identified during the audit required by Government Auditing Standards. The report includes the identification of 28 control deficiencies that are significant deficiencies or material weaknesses in internal control over financial reporting as well as instances of material noncompliance. These matters are deemed of critical importance for management of the state to address to ensure the accuracy and completeness of the state’s financial reporting.

Failure to record state debt and related expenditure activity, accounting errors and omissions which materially misstated General Fund operating results by $83.6 million, and note disclosure omissions for significant commitments and contingencies are examples supporting the need for improved controls over financial reporting.

This communication also includes 11 management comments resulting from the audit of the financial statements, which are less significant issues that still warrant the attention of management.

The Findings and Management Comments Report can be found at Findings and Management Comments Report - Fiscal 2024 Audit of State Financial Statements.

 

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