Hampton Township audit receives unmodified opinion for year ended Dec. 31, 2024

Hampton Township's independent auditor told council Wednesday that the township's financial statements for the year ending Dec. 31, 2024, received an unmodified opinion. Sarah Reed, audit manager with Mar Dissell, told the council the firm —issued an unmodified opinion that's considered a clean opinion and that is the type that you would want to receive.— The audit covered the township's full-accrual financial statements and the DCD filing, which Reed said was submitted in March. Reed said auditors —obtain reasonable but not absolute assurance— because audits use sampling and materiality thresholds. She said the audit team did not encounter difficulties, did not record material corrected adjusting journal entries and had no disagreements with management. Reed noted required disclosures for pension and other postemployment benefits (OPEBs) because those figures involve actuarial estimates. —We did obtain reasonable but not absolute assurance that these are fairly presented,— she said, and added the township uses an actuary for pension and OPEB estimates. The presentation concluded with an invitation to contact the audit team for follow-up questions during the year. Why it matters: An unmodified opinion is the standard external auditors issue when financial statements are, in their view, free of material misstatement. That opinion supports the township's standing with creditors, grantors and oversight agencies. Details and context: Reed described the audit as performed under —auditing standards generally accepted in The United States.— She said the auditors considered internal controls for risk assessment but did not express an opinion on them. Reed also referenced required supplementary information related to pension disclosures. Council reaction: There were no follow-up questions at the meeting; the manager noted auditors provided contact information for year-round questions. Looking ahead: Reed encouraged the township to contact the audit team during the year for clarifications; no further formal actions were taken during the meeting.