Post by Logan on Apr 25, 2016 4:06:39 GMT -6
Before $4.3 million went missing, audit faulted Placentia on its internal controls
Two months before investigators discovered an alleged multimillion-dollar embezzlement scheme at Placentia City Hall, auditors warned of shortcomings in the agency’s internal financial controls, records show.
The findings are contained in a supplemental report to the annual financial audit presented to top city officials, and drew little attention until last week, when a top Placentia finance manager was charged with the theft of $4.3 million over the past year.
But in the aftermath of Michael Minh Nguyen’s arrest on 17 felony counts of misappropriating public funds, the significance of the audit-related warnings have become a point of sharp, public disagreement between Placentia and its outside auditing firm.
City officials contend they received a clean bill of health. The auditor, Brea-based Lance, Soll & Lunghard, says they did not.
Read more: www.ocregister.com/taxdollars/city-713274-audit-financial.html
Two months before investigators discovered an alleged multimillion-dollar embezzlement scheme at Placentia City Hall, auditors warned of shortcomings in the agency’s internal financial controls, records show.
The findings are contained in a supplemental report to the annual financial audit presented to top city officials, and drew little attention until last week, when a top Placentia finance manager was charged with the theft of $4.3 million over the past year.
But in the aftermath of Michael Minh Nguyen’s arrest on 17 felony counts of misappropriating public funds, the significance of the audit-related warnings have become a point of sharp, public disagreement between Placentia and its outside auditing firm.
City officials contend they received a clean bill of health. The auditor, Brea-based Lance, Soll & Lunghard, says they did not.
Read more: www.ocregister.com/taxdollars/city-713274-audit-financial.html