Concludes on the appropriateness of the use of the going concern basis of accounting by those charged with governance and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity’s ability to continue as a going concern. ![]() Evaluates the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.Obtains an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control.The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Identifies and assesses the risks of material misstatement of the financial statements, whether due to fraud or error, designs and performs audit procedures responsive to those risks, and obtains audit evidence that is sufficient and appropriate to provide a basis for the auditor’s opinion.Where the auditor does not report key audit matters.Īuditor’s responsibilities for an audit of financial statements arising from the ISAs (NZ)Īs part of an audit in accordance with ISAs (NZ), the auditor exercises professional judgement and maintains professional scepticism throughout the audit. The Annual Comprehensive Financial Report & more information can be found on the City’s Transparency Website.All other entities that are not FMC reporting entities considered to have a higher level of public accountability Given the size and complexity of our city, this is a major accomplishment and I look forward to zero findings next year,” said City Manager Erik Walsh. I am thankful and proud of the outstanding work of our City employees, including Troy Elliott and the Finance Department team. “This accomplishment speaks to the quality of financial standards of all our departments. Rating Agencies, Investors and Grantor Agencies rely heavily on the report and the opinion of the External Auditors. The ACFR is an important tool in providing an accurate and transparent look into the financial health of the City. The City’s financial records and accounts are reported in the City’s Annual Comprehensive Financial Report (ACFR). The external audit verifies what many of us know to be true, that we have some of the most dedicated, principled, and ethical public servants in the world.” As stewards of public funds, the City of San Antonio holds itself to a higher standard. Five consecutive years with no internal control blemishes is a testament to our core values in action…” said District 9 Councilman John Courage. “As Chair of the Council’s Audit and Accountability Committee, I commend the City of San Antonio’s Budget and Finance department for their work to ensure the integrity of our financial systems. On Tuesday, May 9th, FORVIS briefed the City’s Audit and Accountability Committee, Chaired by Councilman John Courage and reported that they issued an unmodified opinion for Fiscal Year 2022 and did not identify any financial findings. FORVIS was engaged to conduct the independent Audit of the City’s financial records and accounts for Fiscal Year 2022. The City’s charter, in addition to state statute, requires an external audit be performed each fiscal year by an independent certified public accountant. This year’s audit results show the city’s financial team continues to produce high-quality work and keep their eye on the ball.” said Mayor Ron Nirenberg “Five consecutive audits with zero findings are confirmation of the City of San Antonio’s stellar financial reporting performance. Due to these investments, the City has consistently been able to produce high quality results in financial reporting and accounting. ![]() These include continuous staff training, ability to retain top financial talent, creation of shared service programs, sound systems, and processes, and enhanced financial reviews. The City has invested in specific improvements over the years with the goal of excellence in our financial reporting. Zero findings means that the City’s financial records are free from material misstatement and provide a true and fair view of the financial statements of the City. SAN ANTONIO (May 11, 2023) –The City of San Antonio has received zero findings on its annual external audit for the fifth year in a row, City Manager Erik Walsh announced at today’s City Council Meeting. City accomplishes goal of zero external audit findings for 5th year
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