External Auditors Find Prince William County Annual Financial Statements to be of the Highest Standards
PRINCE WILLIAM COUNTY….Cherry, Bekaert, & Holland, LLP, the independent external auditor for Prince William County government, presented its findings of the most recent external audit to the Board of County Supervisors on Tuesday, December 11, 2012. Its engagement revealed “no audit findings or comments” and they expressed an unqualified opinion, the most favorable form of audit opinion, on the County’s June 30, 2012 financial statements. This unqualified opinion reflects the highest standards of accountability which is a critical component of the County’s three AAA bond ratings.
There are three major categories on which external auditors report: (1) the fair presentation of the basic financial statements; (2) compliance on internal control over financial reporting and (3) compliance with the requirements applicable to each major program audited under the Single Audit Act. The County received unqualified opinions or no comments on all three categories.
“This is fantastic news,” said Corey A. Stewart, Chairman of the Board. “The quality reports our external auditors have made over the years and the effort County staff has put in to implement recommended changes has made Prince William County a gold-standard for sound fiscal management.” Stewart continued, “Now we are looking to make improvements to our internal audit functions to make certain we have the same level of effort put behind the audits themselves to identify areas for improvement so we can have the same level of certainty that processes and controls are in place to protect taxpayer dollars and preserve the public trust.”
County management also received the Government Finance Officers’ Association Certificate of Achievement for Excellence in Financial Reporting for its June 30, 2011 Comprehensive Annual Financial Report, an award only 16% of counties receives nationally.