Financial Audit of the Department of Agriculture A Report to the Governor and the Legislature of the State of Hawai`i Report No. 05-02 April 2005_part7 pot

This is trial version www.adultpdf.com This is trial version www.adultpdf.com This is trial version www.adultpdf.com This is trial version www.adultpdf.com This is trial version www.adultpdf.com This is trial version www.adultpdf.com This is trial version www.adultpdf.com This is trial version www.adultpdf.com This is trial version www.adultpdf.com Response of the Affected Agency Comments on Agency Response We transmitted a draft of this report to the Department of Agriculture on April 4, 2005 A copy of the transmittal letter to the department is included as Attachment The response of the department is included as Attachment The department states that it was given an opportunity to adjust its allowance for loan losses, and thereby believes that a qualifying opinion should be removed Based on the department’s adjusted allowance for loan losses, the related qualification to the opinion in the draft report was removed However, a material weakness still exists as the department’s methodology used to determine its allowance for loan losses for FY200304 does not comply with generally accepted accounting principles Otherwise, the department generally concurred with our findings and recommendations, and provides additional information to explain its current procedures and corrective actions planned, or already taken, to address the internal control deficiencies identified in our report This is trial version www.adultpdf.com 67 This is trial version www.adultpdf.com ... this report to the Department of Agriculture on April 4, 2005 A copy of the transmittal letter to the department is included as Attachment The response of the department is included as Attachment... Attachment The department states that it was given an opportunity to adjust its allowance for loan losses, and thereby believes that a qualifying opinion should be removed Based on the department? ??s adjusted... adjusted allowance for loan losses, the related qualification to the opinion in the draft report was removed However, a material weakness still exists as the department? ??s methodology used to determine