Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Audit topic
No spam. Unsubscribe anytime.
Wauconda auditor issues clean opinion; no internal control deficiencies found
Summary
An independent auditor told the village board the annual audit returned an unmodified opinion; the auditor reported fund movement across funds and a new accounting standard on compensated absences. No internal control deficiencies were reported.
The village’s independent auditor told the Village of Wauconda board that the annual audit produced an unmodified (clean) opinion and identified no internal control deficiencies.
“The financials were in great shape again this year,” the auditor said, adding that an unmodified opinion is “the best opinion you can have.” The auditor said testing of receipts, accounts payable, payroll and grant reporting showed the village’s financial statements were free of material misstatement.
The auditor summarized major fund movements for the year: an increase of about $1,500,000 in the general fund, a decrease of roughly $1,500,000 in capital projects, a decrease of about $300,000 in the water and sewer proprietary fund, and an increase near $2,000,000 in the police pension fund largely tied to investment returns. The auditor also noted a new accounting standard requiring the village to change how it reports compensated absences, expanding the liability to include expected use of sick leave and other earned leave.
Mayor (Mayor) and board members thanked the auditor for the work and were directed to review the management discussion and analysis section of the full audit report for more detail. The auditor recommended routine review of internal controls and highlighted that the audit found no reportable deficiencies.
The board did not take any formal action on the audit report at the meeting; the presentation concluded with a brief Q&A and expressions of appreciation to staff.
