Port of Royal Slope improves on audit

Clean audit for 2004, 2005

ROYAL SLOPE - The Port of Royal Slope received a clean audit report from the state for its 2004 and 2005 financial statements, at the same time receiving findings for previous years.

According to the Washington State Auditor's Office, the Port of Royal Slope's financial statements submitted for 2001, 2002 and 2003 did not comply with state law. The findings were released in October.

"Upon further review, the audit found discrepancies in the balances presented in the financial statements and the supporting accounting records," according to the findings.

Port Manager Cathy Potter said when she joined the port in fall of 2002, she had two weeks of training.

"This was just a small portion of a lot of things that had to get done," Potter said.

Potter said she had never prepared an annual financial report before her employment at the port.

She noted there was no fraud going on, and other financial records were available to prove it.

The port took an option with the state auditor's office in which an audit would not be conducted for 2001, 2002, and 2003 as the port understood, Potter said.

Another option allowed the port to correct the statements for each year and have them audited.

Since the port knew the funds weren't misappropriated, commissioners decided to take the first option, Potter said.

"I understand the financial statements a lot better now," she said.