S.D. Council Putting Pressure on Auditor
San Diego city council is trying to put pressure on the citys independent auditor, KPMG, to finally finish the citys long-awaited 2003 audit. The unfinished audit is the hurdle preventing San Die
San Diego city council is trying to put pressure on the city’s independent auditor, KPMG, to finally finish the city’s long-awaited 2003 audit. The unfinished audit is the hurdle preventing San Diego from reentering the public bond market. KPBS reporter Alison St John has more. The city of San Diego is still smarting from the long delays and $20 million dollar bill for the Kroll Consultants’ investigation into financial wrongdoing.
City council members on the newly created audit committee want to avoid the same fate with the city’s external auditor KPMG. KPMG has missed several deadline and its bill is up now up to $6 million.
Councilman Kevin Faulconer says if the 2003 audit is not done by February 16th, the city might consider cutting its losses.
Kevin Faulconer: Patience is finite and we are at the end of the road here it we are not going to hit that February date this council is going to look at other options and we intend to hold KPMG accountable.
The council members want to avoid starting from scratch with a new company. They voted to demand weekly updates from KPMG.
From City Hall, Alison St John, KPBS News.