Missouri Audit Finds Errors Exceeding $718 Billion In Annual Financial Report

(JP Valery for Unsplash)

An audit of Missouri’s comprehensive financial report for 2023 found billions of dollars in errors and a need for improved internal controls and procedures.

“Considering we have a state budget just over $50 billion and the multiple errors we identified were in excess of $718 billion, it’s clear this additional level of review is vital to ensure we have accurate financial reporting,” Republican Auditor Scott Fitzpatrick said in a statement announcing the report.

The review of the accounting division in the state’s Office of Administration found various errors in financial statements and in required supplementary information. If the information hadn’t been corrected, the state’s Annual Comprehensive Financial Report would have been materially misstated, possibly leading to a wide range of problems related to state finances.