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Open original source ↗If a public company went through an audit like this, the report would show a failing grade along with what is called “material weaknesses”. It would be a five alarm fire.
The result would be a period to cure these weaknesses. Otherwise, the CEO/CFO would be fired, the company would not be allowed to raise money etc.
If you’re a government and you run things this shoddily, it should be illegal to keep raises taxes to increase revenues without first passing an audit that shows you have a good handle on the taxes you already collect from residents.
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California is the Fraud Capital of America: $32 billion in unemployment fraud $24 billion in homeless funds "lost" $18 billion on nonexistent bullet train $650 million on scrapped 911 system. A scathing report from the State Auditor just identified 8 separate state agencies as “high-risk.” This means they exhibit serious “waste, fraud, abuse, or mismanagement," costing taxpayers billions. The number has doubled during Newsom's tenure.
KevinKileyCA ↗