The auditing firm of Marcum LLP, who were previously retained by the Village of Palmetto Bay to conduct a financial audit has issued a clean audit opinion to the Village.
Marcum LLP audited Village financials for the period of October 1, 2019 to September 30, 2020, which corresponds to the Village's Fiscal Year 2019-2020. The auditors reviewed financial statements, major funds and aggregate remaining fund information following generally accepted auditing standards and Government Auditing Standards. According to the report, "all significant transactions have been recognized in the financial statements in the proper period" and "no significant difficulties were encountered" while performing the audit.
Finance Director Desmond Chin said that he is "pleased to have a clean audit report for the 16th straight year" which is how long Director Chin has been working for the Village. Additionally, Palmetto Bay has received the Certificate of Achievement from the Government Finance Officers Association (GFOA) for 15 consecutive years. According to the association's website, the GFOA Certificate of Achievement program is awarded for excellence in financial reporting to state and local public agencies that "go beyond the minimum requirements of generally accepted accounting principles to prepare comprehensive annual reports that evidence the spirit of transparency and full disclosure." The award recognizes individual governments who adhere to that goal.
The audit report will be presented and discussed tonight during the Regular Council meeting. You may participate in the meeting virtually or in person. Click here to access meeting details.
To read the full audit report and communication letter, please click the links below:
