Butkovitz Audit Reveals $1.4 Billion In Financial Errors - Boston News, Weather, Sports | FOX 25 | MyFoxBoston

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>>

  • Evesham Police: Suspicious Package Found In Municipal Complex

    Evesham Police: Suspicious Package Found In Municipal Complex

    Evesham Police: Suspicious Package Found In Municipal Complex

    Thursday, April 24 2014 7:51 AM EDT2014-04-24 11:51:43 GMT
    Evesham Police Department are conducting an investigation into a suspicious package found inside the lobby of the Evesham Municipal Complex.Evesham Police Department are conducting an investigation into a suspicious package found inside the lobby of the Evesham Municipal Complex.
    The complex was immediately evacuated this morning and New Road was shut down after an officer discovered the device.
    The complex was immediately evacuated this morning and New Road was shut down after an officer discovered the device.
  • Ramsey: Deliveryman's Shooting By Police Looks Like 'Tragic Miscommunication'

    Ramsey: Deliveryman's Shooting By Police Looks Like 'Tragic Miscommunication'

    Thursday, April 24 2014 7:30 AM EDT2014-04-24 11:30:04 GMT
    Police say a man shot and wounded by plainclothes officers in Philadelphia is a pizza deliveryman who may have mistaken them for robbers.
    Police say a man shot and wounded by plainclothes officers in Philadelphia is a pizza deliveryman who may have mistaken them for robbers.
  • Man In Critical Condition After Germantown Shooting

    Man In Critical Condition After Germantown Shooting

    Man In Critical Condition After Germantown Shooting

    Thursday, April 24 2014 7:28 AM EDT2014-04-24 11:28:07 GMT
    Police responded to a report of a shooting on Wayne Ave and Chelten Ave at 10:26pm Wednesday night outside of Victor's Tavern.
    Police responded to a report of a shooting on Wayne Ave and Chelten Ave at 10:26pm Wednesday night outside of Victor's Tavern.
Powered by WorldNow

25 FOX Drive
Dedham, MA 02026

Phone (781) 467-2525

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