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The auditing firm working on the city of San Diego’s long-overdue audits told a council committee today that it could complete its work by Feb. 16, but council members and other city officials dismissed the latest deadline because of continued uncertainty surrounding the release of the audit.
The council instead asked that auditing firm KPMG provide regular updates and meetings regarding the audit of the financial statements, a crucial missing piece to the city’s reentry to Wall Street and its overall financial recovery.
The council’s newly formed Audit Committee approved requiring the government’s in-house audit staff and KPMG, the outside firm, to provide weekly progress reports until the long-withheld 2003 audit is completed.
Committee members and other city officials said they doubted KPMG’s estimate that the financial report would be certified in the next three weeks, contending that the current back-and-forth between the city and the firm has proved to be unfruitful and unpredictable.
It has been nearly six months since the release of the Kroll Inc. investigative report, which was hailed as the final step in the release of the 2003 audit.
Check back later for a full report.