What is the auditing process and how frequently do have external audits?
It is an annual process. The firm assigns a group of accountants to work with the City’s CFO for a period of several months. During this time period they systematically perform analyses of all municipal accounts and random samplings every type of financial transaction to determine if they meet all of the accounting guidelines. A report of their findings is prepared which includes a list of any issues, or findings, that they believe require attention and/or correction in the financial accounting system. The City acknowledges receipt of the report and the list of findings by preparing a “Corrective Action Plan”, which is submitted to the City Council for approval. The State also receives copies of all audit reports for all municipalities.
