Services
Government Entities
Financial reporting and internal controls are now frequent items on the agendas of municipal board meetings. Elected officials are extending their fiduciary responsibilities to include understanding the accounting systems, reviewing internal controls, and monitoring financial reporting.
Sciarabba Walker & Co., LLP is able to assist in preparing procedures and policies documentation, design audit procedures to test the effectiveness of internal controls, and provide opinion audits. Many municipalities are having audits done for the first time. We often perform agreed-upon procedures engagements in these situations, a specific type of audit that does not result in an opinion on the financial statements but provides assurance that specific controls and systems are in place and operating effectively. This type of engagement is a good first step as it provides the elected officials with comfort in fulfilling their oversight responsibilities. Frequently the next step is to have a full opinion audit completed in accordance with generally accepted auditing standards. A full opinion audit is a best practice for municipalities as it allows for the most complete oversight of taxpayers’ dollars.
Please call us to discuss how we can assist your municipality in fulfilling your fiduciary responsibilities with respect to financial reporting.
