Financial Audit Results are in!

posted Sep 29, 2015, 8:49 AM by Jill Nielson

The Washington State Auditor's Office (SAO) has completed a Financial Audit of the City of Vader through the 2014 fiscal period.
This Financial Audit, along with the previously completed Accountability Audit (completed in Dec 2014) constitute one Complete Audit of the City of Vader. Both of these audits were finding free and therefore completes one year's worth of Finding Free Audit. 

What is a Financial Audit? A financial audit reviews the City's Annual Report of financial condition that is completed and reported to the SAO each year in May. It verifys all the reported information and totals and determines if the City is reporting accurately.

What is an Accountability Audit? An Accountability Audit is a review of the City's policies and procedures. It verifies that the expected internal controls are in place to avoid fraud or other causes of litigation.

What is a Finding? A Finding is  reported when the Auditor finds a significant error or hole in the internal control policies or financial reports. A finding means that the city is not handling a situation or proceedure as it should and that it needs to correct the problem. The Auditor may also report something called a "Recommendation". A Recommendation is  a suggestion to the city regarding a policy or practice that has not caused a significant issue, but would be wise to implement according to standard practices. A Recommendation is not a black mark on the City's "score card" like a Finding is, but having too many recommendations is also not a good thing.

To view the results of previous audits you may: Follow this link: Audit Results or download the attached PDF of the audit report.

Contact the City Clerk/Treasurer if you have any questions: 360-295-3222 or cityclerk@vaderwa.com
Comments