An audit of Detroit’s Land Bank Authority uncovered troubling accounting practices and weak internal controls.
An examination of four years’ worth of financial statements, several bank accounts, and general ledgers from 2014 to 2019 found lack of reporting and irregular transactions. The land bank had strengthened financial reporting in 2015 after scrutiny and a criminal probe into alleged bid-rigging practices. Even after the revamp of financial systems, however, multiple issues were still found by the audit.
