OLYMPIA – An audit released today provides the first, high-level accounting of some of the circumstances surrounding the major fraud scheme that targeted Washington state's unemployment benefits in the spring.
As part of its annual audit of the state's financial statements, the Office of the Washington State Auditor found that the Employment Security Department (ESD) did not have adequate internal controls to prevent the fraud. The Department also reported inaccurate fraud and recovery numbers for the state's financial statements.
Each year, as required by law, the state publishes its Comprehensive Annual Financial Report (CAFR) to provide information on the state’s financial position.
To make this important information accessible to the broadest possible audience, the State Auditor’s Office prepares this CAFR summary to provide a snapshot of the state’s financial position, including revenues and expenditures, cash balances and debt.
The State Auditor's Office (SAO) performs almost 200 Annual Comprehensive Financial Report (ACFR) reviews each year. Local governments may also submit their ACFR to the Government Finance Officers Association (GFOA) for a Certificate of Achievement for Excellence in Financial Reporting. As part of their ACFR reviews, SAO and GFOA identified several common errors that could affect your government's ability to obtain this certificate.
Here are some common errors and pitfalls to be on the lookout for when preparing your ACFR:
We issued our state ACFR summary report December 27, 2016.