Roughly a year ago we wrote about the reconstituted oversight board with three new appointments and a little while after that we noted the incomplete status of annual audits required of the ICA under Section 207 of the 2004 law (Act 11) that created the oversight board. Last summer changes were suggested to the 2004 law and were eventually adopted as Act 99 including setting a December 31st deadline for the aforementioned 207 audits.
Last week the executive director for the board stated that the ongoing investigation of the previous director has postponed the completion of the audits for 2015 and 2016 and, though seized documents have been returned, the investigation is ongoing and thus the accountants have yet to complete the audit per the Act 99 requirements. Perhaps the audits will be completed in the coming months, and then the reporting cycle will be under normal circumstances going forward. That would entail the audit being done by calendar year end, submitting the report to respective House and Senate committees, and including a concise financial statement in the Pennsylvania Bulletin, a process, as we noted last year, that never occurred for the oversight board.
