The City of Edgerton has received a clean opinion audit for Fiscal Year 2019 from independent financial firm Varney & Associates, CPAs LLC. In a letter to the Mayor and City Council, auditors wrote that they found no sensitive accounting estimates, no fraud, no significant difficulties, and no disagreements with management.
“The clean audit opinion is due to the work of the Governing Body to adopt policies that are based on industry best practices and foster a strong financial environment as well as the dedication of all City staff to follow those policies and procedures,” says Edgerton Finance Director Karen Kindle. “We’re proud of our clean audit result.”
The objective of the audit is to express an opinion on whether the City’s financial statements are fairly presented and conform with accounting standards in the state of Kansas. The auditors perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, including errors, fraudulent financial reporting, misappropriation of assets, or violations of laws and governmental regulations.
Auditors test documentation to make sure it supports the recorded transactions, which may include direct confirmation of certain assets and liabilities by correspondence with selected individuals, funding sources, creditors, and financial institutions. The audit also includes obtaining an understanding of the City of Edgerton’s internal financial controls.
This audit represents the City of Edgerton’s ninth consecutive clean opinion audit from an independent accounting firm — the highest possible rating.