Olympic Regional Development Authority
Internal Controls Over Financial Operations (Follow-Up Report) The Olympic Regional Development Authority operates and maintains certain sports facilities in Lake Placid and elsewhere. In audit report 2004-S-78, we examined the adequacy of the Authority’s system of internal controls over financial operations. We identified a number of areas in which the Authority could either improve its system of internal controls or strengthen its adherence to existing policies and procedures. Improvements were particularly needed in the oversight that was provided by the Authority’s Board of Directors, and were also needed in the areas of revenue collection, cash control, procurement, equipment control and financial reporting. When we followed up on these matters with Authority officials, we found that some of our audit recommendations had been implemented, but other recommendations had not been implemented.
For a complete copy of Report 2006-F-24 click here.