Richardson’s independent auditing firm, KPMG LLP, reported to the City Council Monday night that the City’s 2011-2012 Fiscal Year financial statements received an “unqualified” or clean opinion, the highest level of audit industry standards.
The auditor’s report is included in the City’s Comprehensive Annual Financial Report (CAFR), which was presented to the City Council on Monday. Auditors also presented the Independent Auditors’ Report on Federal Awards, a separate report that focuses on compliance with Federal grant requirements.
The “unqualified” designation means that auditors did not identify issues or concerns during a multi-week review of the City’s financial records and that there were no issues or irregularities in the City’s accounting practices.
The City was awarded its 34th consecutive Certificate of Achievement from the Government Finance Officers Association (GFOA). The program is a peer review process which encourages governments to produce high-quality financial statements that exceed the minimum presentation requirements set by accounting standards. The 2011-2012 CAFR will be submitted to GFOA for review for the program.
The reports are available on the City’s website, under the Financial Transparency Initiative tab, or at www.cor.net/transparency. Richardson’s financial transparency initiatives have been given the Gold Leadership Circle Award by the Texas Comptroller