In a just-released financial report on the Town of Richwood, Baton Rouge CPA Melvin Davis revealed numerous findings and problems for the fiscal year ended June 30, 2013, and “disclaimed” an opinion on the town’s finances.
The Town could not provide sufficient competent evidence to determine the accuracy and completeness of the Town’s financial statements for the year ended June 30, 2013.
The Town’s ongoing revenue shortfalls and inability to meet its financial obligations raise substantial doubt about the Town’s ability to continue as a going concern.
See here the complete report.
Among the findings:
Overall lack of financial management
Failure to record transactions
No financial statements
Lack of payroll administration
Potential ethics violations
Richwood has been under the direction of a Fiscal Administrator, Lafayette CPA Jonald Walker, who took over AFTER the period covered in the report.
Reportedly, Walker is making progress with the town’s finances.