Alerts
By: Sutton StokesMarch 31, 2020

Elkins Annual Audit Returns Eighth Unmodified Opinion in a Row

City Has Received “Clean” Audit Opinions Every Year Since 2012

Elkins W. Va., March 26, 2020: At tonight’s council meeting, Elkins Treasurer Tracy Judy reported that the city’s annual audit resulted in an unmodified opinion. State law requires West Virginia cities to undergo annual audits and publish the results. This audit, of the fiscal year that ended June 30, 2019, was performed by accountants working for BHM CPA Group, an Ohio-based public accounting firm with offices in Huntington, West Virginia.

The purpose of a municipal audit is to systematically examine the sources and uses of public funds. Auditors evaluate the accuracy of financial records, the effectiveness of systems protecting against fraud and theft, the nature of accounting methods and processes in use at the city, and other aspects of compliance with state law and government accounting standards.

“An audit examines our financial records to confirm they are accurate,” said Judy. “The auditors review our transactions, financial statements, grants, bank statements, and other records for all city funds for the given fiscal year. “

The unmodified opinion the city received is the best result an audit can return. Sometimes also referred to as an “unqualified” or “clean” opinion, an unmodified opinion indicates that auditors have found no misrepresentations of fact or failures to follow appropriate accounting standards. Elkins has received unmodified opinions in each of its annual audits since the fiscal year ending in 2012.

The audit process begins each summer with a letter from the state auditor authorizing cities to begin the process of procuring an audit firm. The city’s Audit Committee then solicits and evaluates proposals from CPA firms interested in providing this service. The evaluation process uses a score sheet published by the state auditor to assign points to the firms that submit proposals. The firm with the highest score is then selected to perform the city’s audit.

“Receiving an unmodified opinion is a good confirmation of our daily practices and confirms to the city and its citizens that those practices are valid,” says Judy. “A good audit opinion is also important when the city is seeking loans or other financing, because lenders use our annual audits to assess risk and calculate interest rates.”

##

Categories:

Uncategorized

Catalogged in:

Uncategorized

COMBINED SEWER SMOKE TESTING NOTIFICATION

ATTENTION COMBINED SEWER SMOKE TESTING NOTIFICATION The City of Elkins is conducting a sanitary sewer smoke testing evaluation designed to detect ground water and storm water that is entering the sanitary sewer system through defects in the pipe or illicit connections such […]

Read More
City Hall News

City Hall News: Week of March 28, 2022

Meeting this week are the Elkins Historic Landmarks Commission and council’s Municipal Properties Committee and ad hoc ARPA Advisory Committee. Street Department personnel will be trimming trees overhanging the public right-of-way on multiple city streets starting Monday at 7 a.m., weather permitting. […]

Read More
Code Enforcement

Two dead in River Street Fire

House was posted as uninhabitable with entrances sealed Elkins, W. Va., March 10, 2021: Two people died last night in a fire that occurred in a house on River Street. The house had been closed and posted as uninhabitable by city fire […]

Read More
Subscribe To Our Newsletter

Subscribe To Our Newsletter

Stay up to date with the latest news and alerts by signing up for our newsletter!

You have Successfully Subscribed!