The Honolulu Authority for Rapid Transportation had hired PKF Pacific Hawaii to do an outside audit of the financial books for the first year of the $5.27 Billion Honolulu Rail Project. What PKF Pacific Hawaii found was several minor flaws and mistakes in the accounting practices, but in general found no material weaknesses. Specifically, the audit found that HART staff members had placed sums of money into wrong categories for accounting purposes, but the money did turn up and was spent correctly. PKF Pacific Hawaii suggests that the Honolulu Authority for Rapid Transportation hires additional staff members and improves on their financial reporting process.
City officials stated that the mistakes were made in part because the Honolulu Rail Project was originally under the Department of Transportation Services (DTS) before being transferred to the Honolulu Authority for Rapid Transportation (HART). Chief Financial Officer of HART, Diane Arakaki stated, “As a newly formed agency, HART acknowledges its lack of accounting and financial reporting resources, and has placed a high priority on developing a qualified and experienced accounting staff.” Arakaki assured the public that these problems should not reoccur in future years.
Source: Honolulu Star Advertiser, 12-4-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
