What are the procedures for completing an audit of a municipality?

In Washington, the audit of a municipality is a detailed process to ensure that the municipality is following all legal guidelines, as well as adhering to the commonly accepted accounting principles. The audit process typically begins with the procedure of selecting a qualified external auditor. Following the selection, the auditor then requests access to the municipality’s financial records and documents. It is important that the auditor is provided with all necessary documents to ensure that the audit is conducted with accuracy and efficiency. The auditor then begins the review of the records. This review includes verifying that the financial statements of the municipality are in agreement with the documents on hand. The auditor also reviews major accounts, such as cash, investments, and receivables, to ensure the accuracy of the financial statements. Auditors will also analyze the accuracy of the municipality’s internal controls, procedures and policies. An analysis of the municipality’s compliance with applicable laws and regulations is also conducted. After the review process is completed, the auditor then issues an opinion on the financial statements of the municipality. This opinion is issued in the form of a report. In the report, the auditor outlines their findings and expresses an opinion on the accuracy of the financial statements of the municipality. If the auditors find any discrepancies, they will either advise the municipality on how to correct them or recommend further action. Once the audit is finished, the municipality is then able to make any corrections or changes to their financial records. This will ensure that the municipality remains in compliance and is able to accurately present their financial picture.

What are the procedures for completing an audit of a municipality?

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