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Town audit: unmodified opinion; general fund reserves near five-year highs
Summary
Independent auditors issued an unmodified opinion on the Town of Smithfield’s 2023–24 financial statements and highlighted strong fund balances, near-100% property tax collection and two reportable findings: late audit submission and a correction of an accounting error in receivables.
Thompson, Price, Scott, Adams and Company presented the Town of Smithfield’s 2023–24 audit to the council on May 6 and issued an unmodified (clean) opinion on the town’s financial statements.
Lead auditor Allen Thompson told the council, “we issued an unmodified report,” and said the audit found appropriate accounting policies, estimates and disclosures. Thompson pointed to strong liquidity and reserve metrics:…
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