One year down, three more to go.KPMG has approved San Diego’s financial statements for the city’s 2003 fiscal year, issuing a clean audit opinion letter last week. In the culmination of a three-year audit process, the Big Four firm issued 66 restatements -- covering wrongly recorded debt, property and investments -- that totaled nearly $1.8 billion.
It’s a major step towards restoring fiscal order for the city, which has seen its credit rating for general-obligation bonds plummet since 2002, delaying construction projects without the cash to fund them. The city can now turn its focus to its three remaining past-due annual audits, which are being handled by other firms.
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