Page 13 - BAA CAFR 2017

• Costs of an entity’s internal controls should not exceed the benefits that are expected to be
derived; and
• Custom, culture and the corporate governance system inhibit irregularities by management, but
they are not absolute deterrents.

All internal control evaluations occur within the above framework. We believe that the Authority’s
internal controls adequately meet the objectives listed above and have devoted considerable time this
past year to attract and retain individuals in our Finance Department who embrace the concept of a
healthy internal control environment.

Independent Audit

Our independent auditors, Banks, Finley, White & Co., audit the financial statements of the Authority each
year. The financial section of this report includes the independent auditor’s report on the basic financial
statements.

The Authority is required to undergo an annual Single Audit in conformity with the provisions of the Single
Audit Act of 1984, the U.S. Office of Management and Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards 2 CFR 200, “Audits of State and Local
Governments”. All schedules and reports required under these federal and state regulations are included
in the compliance section of this report.

Respectfully Submitted,

Al Denson, A.A.E.
President and Chief Executive Officer

Sylvester Lavender, CPA
Director of Finance
Authority Treasurer