Annual Comprehensive Financial Report Internal Controls FY24

… r, CLA included a disclaimer of opinion in its Independent Auditors’ Report on the ACFR for the Department of Labor – Unemployment Insurance Trust Fund: In its Independent Auditors’ Report on Internal Control, CLA’s auditors identified a material weakness in …

… ernal control over financial reporting, considered a repeat finding from 2022 and 2023, for the Department of Labor – Unemployment Insurance Trust Fund. CLA identified several material accounts and balances for which account reconciliations are not being per …

… g 2024-001 Department of Labor – Division of Unemployment Finding Title: Accounting and Financial Reporting – Unemployment Insurance Trust Fund Type of Finding: Material Weakness in Internal Control over Financial Reporting Repeat Finding: Ye …

… he Department of Labor’s Division of Unemployment (DOLUI) is responsible for maintaining the books and records of the Unemployment Insurance Trust Fund, which is reported as a major proprietary (enterprise) fund in the State’s Annual Comprehensive Financial …

… and financial reporting deficiencies in internal control, which ul timately led to a disclaimer of opinion over the Unemployment Insurance Trust Fund and Business-type Activities. The following details those accounts and control deficiencies identified: …

… Criteria Management is responsible for the preparation and fair presentation of the financial statements of the Unemployment Insurance Trust Fund included in the State’s ACFR in accordance with GAAP. Further, internal control, as defined by auditing st …

… of internal controls over the accounting and financial reporting process, leading to a disclaimer of opinion over the Unemployment Insurance Trust Fund and Business-type Activities. Cause Various factors contributed to the cause of the finding. DOLUI h …

… cies and improve processes for future years. (6) Responsible Official: Darryl Scott, Director, Division of Unemployment Insurance Implementation Date: June 30, 2025 …