- A financial audit is a thorough review of financial statements to assure an accurate representation of activities.
- Certificate of Achievement is the highest form of recognition in governmental accounting and financial reporting and demonstrates a constructive ‘spirit of full disclosure’.
Salem, Ore. — At its January 22 meeting, the Salem City Council celebrated the City of Salem’s clean independent audit for the year ending June 30, 2023, with no findings or recommendations.
“They don’t just hand that out,” said Salem City Manager Keith Stahley. “They spend time with us reviewing hundreds of documents to verify that we’re managing the City’s finances appropriately.”
A financial audit is a thorough review of financial statements, in this case, by the certified public accounting firm of Grove, Mueller & Swank, PC.
“In our opinion, based on our audit and the report of other auditors, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Salem,” the auditor’s report stated.
While audits don’t speak to the organization’s financial condition, they do ensure users of financial statements have the information they need to do business with the City.
The City Manager also announced receipt of the Certificate of Achievement for Excellence in Financial Reporting for its comprehensive financial report for the year ended June 30, 2022.
The award came from the Government Finance Officers Association of the United States and Canada.
“The report has been judged by an impartial panel to meet the high standards of the program, which includes demonstrating a constructive ‘spirit of full disclosure’ to clearly communicate its financial story and motivate potential users and user groups to read the report,” the award announcement stated.
The Certificate of Achievement is the highest form of recognition in governmental accounting and financial reporting. Its attainment represents a significant accomplishment by a government and its management.
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