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Audit shows four areas city should address

March 03, 2005|by BRIAN SHAPPELL

Hagerstown Director of Finance Alfred E. Martin said Tuesday that the city is "well positioned" while presenting audit information from the 2004 Comprehensive Annual Report.

Martin said the city had a slight budget surplus for the fiscal year that ended in June 2004, increased its total assets and saw long-term liabilities grow only slightly despite two bond issues.

Thomas Newkirk, a CPA with the Clifton Gunderson accounting firm, said the audit revealed four reportable conditions the city needed to address. He said the city has established satisfactory plans for the following:

· Segregating duties within the finance and accounting departments.

· Purging inactive vendors from the city computer system.

· Locking the check stock in a secure storage area.

· Fixing errors in financial statements/journal entries.

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