Coppell—The City of Coppell received an unmodified opinion on its annual Independent Auditor’s Report indicating the city’s financial statements for fiscal year 2020-2021 were fairly presented. The results of the audit were presented to the City Council at the Feb. 22 meeting.
Weaver performed the audit, which began last summer and wrapped up in February 2022 and issued three different reports this year:
An unmodified opinion was issued for the Independent Auditor’s Report on the financial statements. This is the highest level of assurance that the financial statements are fairly presented in all material respects in accordance with Generally Accepted Accounting Principles (GAAP).
The second report issued was the Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards. No material weaknesses or significant deficiencies were noted.
An unmodified opinion was issued and there were no findings on the third report, the Independent Auditor’s Report on Compliance for Each Major Program and Report on Internal Control Over Compliance in Accordance with Uniform Guidance. This means the auditor feels that the city complied in all material respects in its handling of all Federal Financial Assistance Programs.
“Our staff works incredibly hard to ensure we have a clean audit every year,” said Kim Tiehen, director of finance. “The department maintains a high standard of service, and I’m proud of their commitment to the audit process, transparency, and the responsible use of taxpayer funds.”
According to Chapter 103 of the Texas Local Government Code, all municipal governments must conduct an independent audit on an annual basis. Weaver used a risk-based approach in which potential areas of risk that could lead to material misstatements of the financial statements are identified. The audit was tailored to specifically address areas of risk such as revenue recognition, capital projects and the effects of COVID-19.
During the Feb. 22 meeting, the City Council also approved in the Consent Agenda the Annual Comprehensive Financial Report (ACFR), which provides information about the City’s financial condition and performance along with the Independent Auditor’s Report.
SOURCE City of Coppell