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Township audit: outside auditor reports 'solid year' and minor year-end adjustments
Summary
SeldenFAX audit partner told the Riverside Township Board the township's control structure and fund balances are sound; auditors recorded five adjustments and said the net effect was under $20,000.
The Township of Riverside Board of Trustees heard the annual audit report from SeldenFAX partner Ed Tracy, who told trustees the township had a “solid year financially” and that the overall control structure was sound.
Tracy said auditors reviewed transactions and internal controls and recorded five adjustments to the fund financial statements — primarily to recognize accounts payable, accrued payroll and property tax revenue that related to the audit year but were received or recorded shortly after year end. "Overall, we felt the control structure was good," Tracy said.
The audit found positive fund balances in all three reported funds. Tracy reported the general town fund ended the year with…
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