Commentary
It was an awkward moment. I served on the Orange County, California, Board of Supervisors and attended the Audit Committee meeting to make an inquiry, as the annual comprehensive financial report (ACFR) had been issued and the managing partner of the Certified Public Accounting firm was making a presentation.
I, too, was a Certified Public Accountant (CPA). I spotted what I thought was an error in the financial statements and wanted to get clarification. I got my answer. It wasn’t what I expected. But I got it. It was an error. But what did the managing partner tell me and the committee? That the financial statements were the presentation of the county’s management. All he did was do the audit. End of discussion….