WS - D - Tiffin Council Presentation - Audit

Independent Auditor’s Report ● Management is responsible for the financial statements ● Auditor is responsible to express an opinion on the financial statements ● Unmodified Opinion – best opinion an auditor is able to offer ● Provides assurance that the financial statements are fairly presented in all material respects ● Report on Government Auditing Standards – one material weakness in internal control, no compliance findings ● Lack of Segregation of Accounting Duties ● Iowa Code of Compliance – Five findings ● Expenditures exceeded budgeted amounts for one function ● Annual Urban Renewal Reports did not agree with the City’s records ● Old outstanding checks were not remitted to the State ● Not all transfers were approved with the budget or by resolution ● The capital project fund had a deficit fund balance of $2.3M 2