The annual audit of the City of Rincon’s finances for the year ended Dec. 31, 2013, found two material weaknesses. The report by Caines, Hodges & Co. P.C., of Rincon found two internal control issues: revenues and receivables not property reconciled and improperly recorded purchases. A material weakness is one that could result in a misstatement of the city’s financial statements. In the first instance, the audit firm said utility fund receivables and revenues were materially misstated.