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Dewey Beach committee hears auditors issue clean opinion, flags loan disclosure and grant-tracking needs
Summary
Auditors told the Dewey Beach committee the town’s financial statements will receive an unmodified opinion after approval and noted a corrected $3,000,000 loan disclosure, new comparative budget schedules and recommendations to strengthen grant-tracking given rising grant activity.
The Dewey Beach committee reviewed the town’s draft financial statements and management letter and was told auditors plan to issue an unmodified (clean) opinion after the town approves the statements. Dan Kinney, senior partner at Mitchell Titus, said: "We plan on issuing the opinion on August 21 after everything is approved." The auditor said the opinion follows generally accepted auditing standards and government auditing standards.
Kinney told the committee the engagement included several presentation changes to the MD&A and footnotes, and he called out a corrected loan disclosure that increased a previously reported amount to $3,000,000 and now includes loan terms. He also pointed to a new schedule comparing original and amended budgets over three years to make multi-year changes clearer. The committee voted unanimously to forward the finalized audit to the commissioners for issuance and acceptance.
