DALLAS — A much-delayed audit has found the New Orleans’ municipal accounting system to be overwhelmed, inadequate, and plagued by a lack of internal controls.

The report on New Orleans’ calendar-year 2006 finances by KPMG LLP found nine significant deficiencies with internal fiscal controls, making it unlikely that city accountants would find material errors in financial statements.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.