Inventory lacking, otherwise Westport Housing passes audit

It should do a better job of keeping tabs of its furniture and equipment inventory but the Westport Housing Authority is doing a good job with its other accounting practices, a state auditor’s report for the period of July 1, 2009 through March 31, 2011, indicates.

In the evaluation released Friday by the Massachusetts Officer of the State Auditor, the Housing Authority was written up for  its inventory methods..

“The authority did not have an inventory listing, had not tagged inventory items, and has not conducted an annual physical inventory of its property and equipment as required,” the report stated.  “Without proper furniture and inventory controls, there is inadequate assurance that the authority’s accounting records and financial statements accurately reflect fixed-asset values or that the authority’s assets are safeguarded against possible loss, theft or misuse.”

In a reply to the audit, Authority Director Krisanne Sheedy wrote that the authority will conduct an accounting of its inventory in compliance with the regulations.

Otherwise, the Housing Authority met all accounting standards, the report indicates.

“The authority maintained adequate management controls and complied with applicable laws, rules and regulations for the areas tested,” wrote State Auditor Suzanne Bump.

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