At Friday’s Gaffney City Council Finance Committee meeting, accountant Ben Kochenower picked up a newspaper and began reading about an employee of an Upstate town who had been charged with stealing money.

It begged the obvious question: Could it happen here?

Kochenower quickly debunked that idea.

Despite the fact that the downturn in the local economy often increases the risk of theft, Kochenower said city administrator James Taylor and the finance department have the internal controls in place to catch any missing money. But Kochenower told the finance committee that Taylor and city finance officer Ginny Wallace must have the time to monitor the financial statements.

Kochenower also spent time reviewing the audit process, which he described as “thorough and comprehensive.”

Since he was unable to provide finance committee members with copies of his firm’s audit of the city’s 2009- 2010 financial statements, Kochenower provided sketchy details of the audit’s findings.

Here are the highlights:

— The city added $300,000 in assets;

— The city’s fund balance increased;

— The city generated slightly less in revenue that it projected;

— The city spent less than it projected.

Kochenower said he expects to make copies of the audit report available to city officials early this week. The finance committtee will meet in December to review the report.