Maricopa County June 30, 2007 Report Highlights - Single Audit

Maricopa CountyREPORT The County Needs to ImproveHIGHLIGHTS Infrastructure ReportingSINGLE AUDITThe County maintains a network of statements as current year activity,Subject transportation and flood control resulting in a total misstatement of $56infrastructure assets valued at $1.4 billion. million. Furthermore, adjustments forMaricopa County isTherefore, it is essential that the County transportation land were calculatedresponsible for preparingfinancial statements, accurately value and account for these using current market values rather thanmaintaining strong internal assets. However, the County’s internal historical costs, and adjustmentscontrols, and demonstrating control policies and procedures did not decreasing the value of transportationaccountability for its use of always ensure that its infrastructure infrastructure were not supported.public monies. As the assets were properly valued or reported. • The County incorrectly reported nearlyauditors, our job is to For fiscal year 2007, auditors noted the $17 million of transportation and flooddetermine whether the County following material internal control control infrastructure assets that hadhas met its responsibilities.weaknesses over financial reporting: been annexed by other governments.• The County did not maintain anOur Conclusion• The County made numerous accurate listing of construction inThe information in the adjustments to the value of progress for transportationfinancial statements is ...