Butkovitz Audit Reveals $1.4 Billion In Financial Errors - FOX13 News, WHBQ FOX 13

Butkovitz Audit Reveals $1.4 Billion In Financial Errors

Posted: Updated:
PHILADELPHIA -

The Philadelphia controller's office has released the results of an audit into the city's 2011 financial statements that reveals gross financial errors to the tune of over $1 billion dollars, his office announced Monday.

Alan Butkovitz's "City of Philadelphia Report on Internal Control, Compliance and Other Matters for Fiscal 2011" revealed multiple oversights that included year-end tax errors and account receivable balances errors.

According to Butkovitz, "These misstatements occurred because the Revenue Department did not have written procedures to guide city accountants in the accurate determination of all year-end receivable balances."

He also laid blame on inadequate employee training.

"Neglecting to update the new method on a timely basis and communicating with departments contributed to the $1.4 billion in misstatements," said Butkovitz.

The Controller's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters is based on an audit of financial statements performed in accordance with government auditing standards.

  • Local NewsMore>>

  • Alex Holley Premieres On 'Good Day Philadelphia'

    Alex Holley Premieres On 'Good Day Philadelphia'

    Monday, September 1 2014 8:04 AM EDT2014-09-01 12:04:46 GMT

    Alex Holley arrived by way of a famous Wildwood Tramcar to join Mike and Sue Serio on the boards, along with some "Good Day Philadelphia" fans!

    Alex Holley arrived by way of a famous Wildwood Tramcar to join Mike and Sue Serio on the boards, along with some "Good Day Philadelphia" fans!


  • Fire Breaks Out At Dry-Cleaning Business In Roxborough

    Fire Breaks Out At Dry-Cleaning Business In Roxborough

    Monday, September 1 2014 6:44 AM EDT2014-09-01 10:44:29 GMT
    Fire crews respond to the scene right now of a fire at Ridge Avenue and Walnut Lane in Roxborough.
    Fire crews respond to the scene right now of a fire at Ridge Avenue and Walnut Lane in Roxborough.
  • Revel Hotel Casino Begins 2-Day Shutdown

    Revel Hotel Casino Begins 2-Day Shutdown

    Monday, September 1 2014 6:31 AM EDT2014-09-01 10:31:50 GMT

    It is the beginning of the end for Atlantic City's Revel Hotel and Casino. The hotel shuts down Monday morning, and early Tuesday the casino will follow.

    It is the beginning of the end for Atlantic City's Revel Hotel and Casino. The hotel shuts down Monday morning, and early Tuesday the casino will follow.


Powered by WorldNow

WHBQ-TV | Fox 13
485 S. Highland St.
Memphis, TN 38111

Main Station: (901) 320-1313
Newsroom: (901) 320-1340

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices